Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$352/mo
Lowest payment- Down payment
- $308,156
- Funds due
- $317,853
- Interest + MI left
- $21,126
- First ends
- Dec 2051
Assumption
Assumption + second
$2,322/mo
+$1,970/mo- Down payment
- $33,156
- Funds due
- $44,161
- Interest + MI left
- $455,375
- First ends
- Dec 2051
New loan
New conventional
$2,302/mo
+$1,950/mo- Down payment
- $33,156
- Funds due
- $40,777
- Interest + MI left
- $442,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,844 | $16,844 | $291,844 |
| Second mortgage | — | $275,000 | — |
| First P&I | $120.85 | $120.85 | $2,020.67 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | $8.01 | $8.01 | $58.37 |
| Taxes, insurance & HOA | $222.92 | $222.92 | $222.92 |
| Total housing payment | $351.77 | $2,321.91 | $2,301.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,156
Closing costs & prepaids$11,005
Usable credit−$0
Total buyer cash needed$44,161
Earnest money paid−$0
Remaining funds due$44,161
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$218.75
Prepaid interest, first (1 days)$3.31
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 1 moOf the original 28-year loan at 7.180%
Interest already paid$3,598Through Nov 2026
Assumption only · ends Dec 2051$21,126
Assumption + second · ends Dec 2051, second Dec 2056$455,375
New conventional · ends Dec 2056$442,543