Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$626/mo
Lowest payment- Down payment
- $292,238
- Funds due
- $302,658
- Interest + MI left
- $11,493
- First ends
- May 2050
Assumption
Assumption + second
$2,489/mo
+$1,863/mo- Down payment
- $32,238
- Funds due
- $44,018
- Interest + MI left
- $422,055
- First ends
- May 2050
New loan
New conventional
$2,511/mo
+$1,885/mo- Down payment
- $32,238
- Funds due
- $40,647
- Interest + MI left
- $428,619
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,662 | $22,662 | $282,662 |
| Second mortgage | — | $260,000 | — |
| First P&I | $110.70 | $110.70 | $1,957.09 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $18.07 | $18.07 | $56.53 |
| Taxes, insurance & HOA | $497.50 | $497.50 | $497.50 |
| Total housing payment | $626.27 | $2,488.94 | $2,511.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,238
Closing costs & prepaids$11,780
Usable credit−$0
Total buyer cash needed$44,018
Earnest money paid−$0
Remaining funds due$44,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$1,042.50
Prepaid interest, first (2 days)$3.58
Prepaid interest, second (2 days)$110.41
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 6 moOf the original 28-year loan at 2.880%
Interest already paid$3,129Through Nov 2026
Assumption only · ends May 2050$11,493
Assumption + second · ends May 2050, second Dec 2056$422,055
New conventional · ends Dec 2056$428,619