Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$279/mo
Lowest payment- Down payment
- $266,357
- Funds due
- $275,591
- Interest + MI left
- $3,926
- First ends
- Apr 2051
Assumption
Assumption + second
$1,991/mo
+$1,712/mo- Down payment
- $27,357
- Funds due
- $37,942
- Interest + MI left
- $381,327
- First ends
- Apr 2051
New loan
New conventional
$1,981/mo
+$1,702/mo- Down payment
- $27,357
- Funds due
- $34,615
- Interest + MI left
- $367,784
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,543 | $3,543 | $242,543 |
| Second mortgage | — | $239,000 | — |
| First P&I | $24.40 | $24.40 | $1,679.32 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $1.69 | $1.69 | $48.51 |
| Taxes, insurance & HOA | $253.00 | $253.00 | $253.00 |
| Total housing payment | $279.08 | $1,991.31 | $1,980.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,357
Closing costs & prepaids$10,586
Usable credit−$0
Total buyer cash needed$37,942
Earnest money paid−$0
Remaining funds due$37,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$309.00
Prepaid interest, first (2 days)$1.28
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 closing24 yr 5 moOf the original 27-year loan at 6.610%
Interest already paid$618Through Nov 2026
Assumption only · ends Apr 2051$3,926
Assumption + second · ends Apr 2051, second Dec 2056$381,327
New conventional · ends Dec 2056$367,784