Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$439/mo
Lowest payment- Down payment
- $270,129
- Funds due
- $279,794
- Interest + MI left
- $10,797
- First ends
- Nov 2049
Assumption
Assumption + second
$2,173/mo
+$1,734/mo- Down payment
- $28,129
- Funds due
- $39,095
- Interest + MI left
- $392,935
- First ends
- Nov 2049
New loan
New conventional
$2,157/mo
+$1,718/mo- Down payment
- $28,129
- Funds due
- $35,762
- Interest + MI left
- $381,979
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,871 | $9,871 | $251,871 |
| Second mortgage | — | $242,000 | — |
| First P&I | $71.81 | $71.81 | $1,743.90 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $4.74 | $4.74 | $50.37 |
| Taxes, insurance & HOA | $362.83 | $362.83 | $362.83 |
| Total housing payment | $439.38 | $2,173.10 | $2,157.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,129
Closing costs & prepaids$10,967
Usable credit−$0
Total buyer cash needed$39,095
Earnest money paid−$0
Remaining funds due$39,095
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$638.50
Prepaid interest, first (1 days)$1.88
Prepaid interest, second (1 days)$51.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing23 yrOf the original 26-year loan at 6.960%
Interest already paid$2,113Through Nov 2026
Assumption only · ends Nov 2049$10,797
Assumption + second · ends Nov 2049, second Dec 2056$392,935
New conventional · ends Dec 2056$381,979