Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$426/mo
Lowest payment- Down payment
- $258,733
- Funds due
- $268,191
- Interest + MI left
- $20,038
- First ends
- Jun 2053
Assumption
Assumption + second
$2,081/mo
+$1,655/mo- Down payment
- $27,733
- Funds due
- $38,490
- Interest + MI left
- $384,807
- First ends
- Jun 2053
New loan
New conventional
$2,071/mo
+$1,645/mo- Down payment
- $27,733
- Funds due
- $35,161
- Interest + MI left
- $374,997
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,267 | $16,267 | $247,267 |
| Second mortgage | — | $231,000 | — |
| First P&I | $108.81 | $108.81 | $1,712.03 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $7.59 | $7.59 | $49.45 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $426.41 | $2,081.32 | $2,071.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,733
Closing costs & prepaids$10,757
Usable credit−$0
Total buyer cash needed$38,490
Earnest money paid−$0
Remaining funds due$38,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$207.00
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$2.96
Prepaid interest, second (1 days)$49.05
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 closing26 yr 7 moOf the original 28-year loan at 6.650%
Interest already paid$1,548Through Nov 2026
Assumption only · ends Jun 2053$20,038
Assumption + second · ends Jun 2053, second Dec 2056$384,807
New conventional · ends Dec 2056$374,997