Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$596/mo
Lowest payment- Down payment
- $276,819
- Funds due
- $287,061
- Interest + MI left
- $8,461
- First ends
- Sep 2051
Assumption
Assumption + second
$2,373/mo
+$1,777/mo- Down payment
- $28,819
- Funds due
- $40,416
- Interest + MI left
- $400,074
- First ends
- Sep 2051
New loan
New conventional
$2,363/mo
+$1,767/mo- Down payment
- $28,819
- Funds due
- $37,074
- Interest + MI left
- $388,464
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,181 | $8,181 | $256,181 |
| Second mortgage | — | $248,000 | — |
| First P&I | $51.92 | $51.92 | $1,773.75 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $6.18 | $6.18 | $51.24 |
| Taxes, insurance & HOA | $538.00 | $538.00 | $538.00 |
| Total housing payment | $596.10 | $2,372.80 | $2,362.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,819
Closing costs & prepaids$11,597
Usable credit−$0
Total buyer cash needed$40,416
Earnest money paid−$0
Remaining funds due$40,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$864.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$2.60
Prepaid interest, second (2 days)$105.32
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 closing24 yr 10 moOf the original 29-year loan at 5.810%
Interest already paid$2,050Through Nov 2026
Assumption only · ends Sep 2051$8,461
Assumption + second · ends Sep 2051, second Dec 2056$400,074
New conventional · ends Dec 2056$388,464