Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$803/mo
Lowest payment- Down payment
- $307,864
- Funds due
- $318,997
- Interest + MI left
- $12,983
- First ends
- Apr 2052
Assumption
Assumption + second
$2,773/mo
+$1,970/mo- Down payment
- $32,864
- Funds due
- $45,306
- Interest + MI left
- $447,231
- First ends
- Apr 2052
New loan
New conventional
$2,764/mo
+$1,961/mo- Down payment
- $32,864
- Funds due
- $41,925
- Interest + MI left
- $435,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,086 | $12,086 | $287,086 |
| Second mortgage | — | $275,000 | — |
| First P&I | $78.44 | $78.44 | $1,987.73 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | $5.83 | $5.83 | $57.42 |
| Taxes, insurance & HOA | $718.83 | $718.83 | $718.83 |
| Total housing payment | $803.10 | $2,773.23 | $2,763.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,864
Closing costs & prepaids$12,441
Usable credit−$0
Total buyer cash needed$45,306
Earnest money paid−$0
Remaining funds due$45,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.50
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)$1,706.50
Prepaid interest, first (1 days)$2.04
Prepaid interest, second (1 days)$58.39
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 closing25 yr 5 moOf the original 29-year loan at 6.150%
Interest already paid$2,738Through Nov 2026
Assumption only · ends Apr 2052$12,983
Assumption + second · ends Apr 2052, second Dec 2056$447,231
New conventional · ends Dec 2056$435,270