Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$466/mo
Lowest payment- Down payment
- $264,643
- Funds due
- $274,390
- Interest + MI left
- $7,251
- First ends
- Feb 2052
Assumption
Assumption + second
$2,164/mo
+$1,698/mo- Down payment
- $27,643
- Funds due
- $38,690
- Interest + MI left
- $381,494
- First ends
- Feb 2052
New loan
New conventional
$2,150/mo
+$1,684/mo- Down payment
- $27,643
- Funds due
- $35,362
- Interest + MI left
- $367,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,357 | $5,357 | $242,357 |
| Second mortgage | — | $237,000 | — |
| First P&I | $39.91 | $39.91 | $1,678.03 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $2.54 | $2.54 | $48.47 |
| Taxes, insurance & HOA | $423.75 | $423.75 | $423.75 |
| Total housing payment | $466.20 | $2,164.09 | $2,150.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,643
Closing costs & prepaids$11,048
Usable credit−$0
Total buyer cash needed$38,690
Earnest money paid−$0
Remaining funds due$38,690
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$188.25
Initial HOA (3 months)$633.00
Prepaid interest, first (1 days)$1.12
Prepaid interest, second (1 days)$50.32
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 3 moOf the original 28-year loan at 7.630%
Interest already paid$1,144Through Nov 2026
Assumption only · ends Feb 2052$7,251
Assumption + second · ends Feb 2052, second Dec 2056$381,494
New conventional · ends Dec 2056$367,502