Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$433/mo
Lowest payment- Down payment
- $265,863
- Funds due
- $275,502
- Interest + MI left
- $2,774
- First ends
- Jan 2041
Assumption
Assumption + second
$2,138/mo
+$1,705/mo- Down payment
- $27,863
- Funds due
- $38,803
- Interest + MI left
- $378,596
- First ends
- Jan 2041
New loan
New conventional
$2,118/mo
+$1,685/mo- Down payment
- $27,863
- Funds due
- $35,472
- Interest + MI left
- $369,394
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,637 | $5,637 | $243,637 |
| Second mortgage | — | $238,000 | — |
| First P&I | $47.87 | $47.87 | $1,686.89 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $2.68 | $2.68 | $48.73 |
| Taxes, insurance & HOA | $382.83 | $382.83 | $382.83 |
| Total housing payment | $433.38 | $2,138.45 | $2,118.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,863
Closing costs & prepaids$10,940
Usable credit−$0
Total buyer cash needed$38,803
Earnest money paid−$0
Remaining funds due$38,803
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,715.00
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)$434.50
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$0.85
Prepaid interest, second (1 days)$50.53
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 closing14 yr 2 moOf the original 15-year loan at 5.520%
Interest already paid$265Through Nov 2026
Assumption only · ends Jan 2041$2,774
Assumption + second · ends Jan 2041, second Dec 2056$378,596
New conventional · ends Dec 2056$369,394