Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$648/mo
Lowest payment- Down payment
- $280,101
- Funds due
- $290,499
- Interest + MI left
- $12,111
- First ends
- Mar 2052
Assumption
Assumption + second
$2,446/mo
+$1,798/mo- Down payment
- $29,101
- Funds due
- $40,802
- Interest + MI left
- $408,461
- First ends
- Mar 2052
New loan
New conventional
$2,432/mo
+$1,785/mo- Down payment
- $29,101
- Funds due
- $37,459
- Interest + MI left
- $395,671
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,899 | $9,899 | $260,899 |
| Second mortgage | — | $251,000 | — |
| First P&I | $69.31 | $69.31 | $1,806.41 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $4.70 | $4.70 | $52.18 |
| Taxes, insurance & HOA | $573.75 | $573.75 | $573.75 |
| Total housing payment | $647.76 | $2,445.95 | $2,432.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,101
Closing costs & prepaids$11,701
Usable credit−$0
Total buyer cash needed$40,802
Earnest money paid−$0
Remaining funds due$40,802
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$353.25
Initial HOA (3 months)$918.00
Prepaid interest, first (1 days)$1.88
Prepaid interest, second (1 days)$53.29
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 4 moOf the original 28-year loan at 6.950%
Interest already paid$1,869Through Nov 2026
Assumption only · ends Mar 2052$12,111
Assumption + second · ends Mar 2052, second Dec 2056$408,461
New conventional · ends Dec 2056$395,671