Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$546/mo
Lowest payment- Down payment
- $282,048
- Funds due
- $292,147
- Interest + MI left
- $4,388
- First ends
- Jul 2041
Assumption
Assumption + second
$2,358/mo
+$1,813/mo- Down payment
- $29,048
- Funds due
- $40,451
- Interest + MI left
- $403,896
- First ends
- Jul 2041
New loan
New conventional
$2,333/mo
+$1,787/mo- Down payment
- $29,048
- Funds due
- $37,108
- Interest + MI left
- $395,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,952 | $7,952 | $260,952 |
| Second mortgage | — | $253,000 | — |
| First P&I | $67.79 | $67.79 | $1,806.78 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | $3.84 | $3.84 | $52.19 |
| Taxes, insurance & HOA | $474.25 | $474.25 | $474.25 |
| Total housing payment | $545.88 | $2,358.41 | $2,333.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,048
Closing costs & prepaids$11,403
Usable credit−$0
Total buyer cash needed$40,451
Earnest money paid−$0
Remaining funds due$40,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$972.75
Prepaid interest, first (1 days)$1.29
Prepaid interest, second (1 days)$53.72
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 closing14 yr 8 moOf the original 16-year loan at 5.940%
Interest already paid$648Through Nov 2026
Assumption only · ends Jul 2041$4,388
Assumption + second · ends Jul 2041, second Dec 2056$403,896
New conventional · ends Dec 2056$395,751