Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$447/mo
Lowest payment- Down payment
- $266,871
- Funds due
- $276,487
- Interest + MI left
- $408
- First ends
- May 2031
Assumption
Assumption + second
$2,160/mo
+$1,712/mo- Down payment
- $27,871
- Funds due
- $38,839
- Interest + MI left
- $377,809
- First ends
- May 2031
New loan
New conventional
$2,105/mo
+$1,658/mo- Down payment
- $27,871
- Funds due
- $35,507
- Interest + MI left
- $367,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,128 | $3,128 | $242,128 |
| Second mortgage | — | $239,000 | — |
| First P&I | $62.97 | $62.97 | $1,676.45 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $4.09 | $4.09 | $48.43 |
| Taxes, insurance & HOA | $380.42 | $380.42 | $380.42 |
| Total housing payment | $447.48 | $2,159.70 | $2,105.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,871
Closing costs & prepaids$10,968
Usable credit−$0
Total buyer cash needed$38,839
Earnest money paid−$0
Remaining funds due$38,839
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$691.25
Prepaid interest, first (2 days)$0.63
Prepaid interest, second (2 days)$101.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing4 yr 6 moOf the original 9-year loan at 3.690%
Interest already paid$750Through Nov 2026
Assumption only · ends May 2031$408
Assumption + second · ends May 2031, second Dec 2056$377,809
New conventional · ends Dec 2056$367,107