Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$448/mo
Lowest payment- Down payment
- $286,462
- Funds due
- $296,415
- Interest + MI left
- $1,658
- First ends
- Oct 2047
Assumption
Assumption + second
$2,289/mo
+$1,841/mo- Down payment
- $29,462
- Funds due
- $40,720
- Interest + MI left
- $407,483
- First ends
- Oct 2047
New loan
New conventional
$2,282/mo
+$1,834/mo- Down payment
- $29,462
- Funds due
- $37,373
- Interest + MI left
- $394,920
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,438 | $3,438 | $260,438 |
| Second mortgage | — | $257,000 | — |
| First P&I | $18.63 | $18.63 | $1,803.22 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | $2.89 | $2.89 | $52.09 |
| Taxes, insurance & HOA | $426.33 | $426.33 | $426.33 |
| Total housing payment | $447.86 | $2,289.04 | $2,281.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,462
Closing costs & prepaids$11,258
Usable credit−$0
Total buyer cash needed$40,720
Earnest money paid−$0
Remaining funds due$40,720
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$829.00
Prepaid interest, first (1 days)$0.29
Prepaid interest, second (1 days)$54.57
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 closing20 yr 11 moOf the original 27-year loan at 3.100%
Interest already paid$712Through Nov 2026
Assumption only · ends Oct 2047$1,658
Assumption + second · ends Oct 2047, second Dec 2056$407,483
New conventional · ends Dec 2056$394,920