Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$496/mo
Lowest payment- Down payment
- $268,667
- Funds due
- $278,442
- Interest + MI left
- $13,159
- First ends
- Aug 2049
Assumption
Assumption + second
$2,215/mo
+$1,719/mo- Down payment
- $28,667
- Funds due
- $39,743
- Interest + MI left
- $392,139
- First ends
- Aug 2049
New loan
New conventional
$2,209/mo
+$1,713/mo- Down payment
- $28,667
- Funds due
- $36,406
- Interest + MI left
- $388,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,332 | $16,332 | $256,332 |
| Second mortgage | — | $240,000 | — |
| First P&I | $100.28 | $100.28 | $1,774.79 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | $12.62 | $12.62 | $51.27 |
| Taxes, insurance & HOA | $382.75 | $382.75 | $382.75 |
| Total housing payment | $495.64 | $2,215.03 | $2,208.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,667
Closing costs & prepaids$11,076
Usable credit−$0
Total buyer cash needed$39,743
Earnest money paid−$0
Remaining funds due$39,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.99
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)$332.25
Initial HOA (3 months)$366.00
Prepaid interest, first (1 days)$2.24
Prepaid interest, second (1 days)$50.96
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 closing22 yr 9 moOf the original 27-year loan at 5.000%
Interest already paid$3,636Through Nov 2026
Assumption only · ends Aug 2049$13,159
Assumption + second · ends Aug 2049, second Dec 2056$392,139
New conventional · ends Dec 2056$388,745