Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$276/mo
Lowest payment- Down payment
- $266,802
- Funds due
- $276,029
- Interest + MI left
- $3,749
- First ends
- Jan 2050
Assumption
Assumption + second
$1,988/mo
+$1,712/mo- Down payment
- $27,802
- Funds due
- $38,330
- Interest + MI left
- $381,150
- First ends
- Jan 2050
New loan
New conventional
$1,976/mo
+$1,700/mo- Down payment
- $27,802
- Funds due
- $34,999
- Interest + MI left
- $367,211
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,197 | $3,197 | $242,197 |
| Second mortgage | — | $239,000 | — |
| First P&I | $23.42 | $23.42 | $1,676.92 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $2.39 | $2.39 | $48.44 |
| Taxes, insurance & HOA | $250.25 | $250.25 | $250.25 |
| Total housing payment | $276.07 | $1,988.29 | $1,975.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,802
Closing costs & prepaids$10,527
Usable credit−$0
Total buyer cash needed$38,330
Earnest money paid−$0
Remaining funds due$38,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.99
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)$300.75
Prepaid interest, first (1 days)$0.62
Prepaid interest, second (1 days)$50.75
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 closing23 yr 2 moOf the original 27-year loan at 7.080%
Interest already paid$894Through Nov 2026
Assumption only · ends Jan 2050$3,749
Assumption + second · ends Jan 2050, second Dec 2056$381,150
New conventional · ends Dec 2056$367,211