Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$842/mo
Lowest payment- Down payment
- $302,367
- Funds due
- $313,515
- Interest + MI left
- $15,698
- First ends
- Jul 2050
Assumption
Assumption + second
$2,776/mo
+$1,934/mo- Down payment
- $32,367
- Funds due
- $44,879
- Interest + MI left
- $442,051
- First ends
- Jul 2050
New loan
New conventional
$2,760/mo
+$1,918/mo- Down payment
- $32,367
- Funds due
- $41,501
- Interest + MI left
- $431,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,623 | $14,623 | $284,623 |
| Second mortgage | — | $270,000 | — |
| First P&I | $102.34 | $102.34 | $1,970.67 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | $6.85 | $6.85 | $56.92 |
| Taxes, insurance & HOA | $732.33 | $732.33 | $732.33 |
| Total housing payment | $841.52 | $2,775.83 | $2,759.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,367
Closing costs & prepaids$12,512
Usable credit−$0
Total buyer cash needed$44,879
Earnest money paid−$0
Remaining funds due$44,879
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,169.90
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)$1,717.50
Initial HOA (3 months)$29.49
Prepaid interest, first (2 days)$5.33
Prepaid interest, second (2 days)$114.66
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 closing23 yr 8 moOf the original 25-year loan at 6.650%
Interest already paid$1,312Through Nov 2026
Assumption only · ends Jul 2050$15,698
Assumption + second · ends Jul 2050, second Dec 2056$442,051
New conventional · ends Dec 2056$431,593