Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$257/mo
Lowest payment- Down payment
- $261,166
- Funds due
- $270,230
- Interest + MI left
- $9,707
- First ends
- Jul 2052
Assumption
Assumption + second
$1,933/mo
+$1,676/mo- Down payment
- $27,166
- Funds due
- $37,579
- Interest + MI left
- $379,213
- First ends
- Jul 2052
New loan
New conventional
$1,925/mo
+$1,668/mo- Down payment
- $27,166
- Funds due
- $34,253
- Interest + MI left
- $368,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,734 | $8,734 | $242,734 |
| Second mortgage | — | $234,000 | — |
| First P&I | $57.16 | $57.16 | $1,680.64 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $4.19 | $4.19 | $48.55 |
| Taxes, insurance & HOA | $195.42 | $195.42 | $195.42 |
| Total housing payment | $256.77 | $1,933.17 | $1,924.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,166
Closing costs & prepaids$10,413
Usable credit−$0
Total buyer cash needed$37,579
Earnest money paid−$0
Remaining funds due$37,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$136.25
Prepaid interest, first (2 days)$3.01
Prepaid interest, second (2 days)$99.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 29-year loan at 6.280%
Interest already paid$1,874Through Nov 2026
Assumption only · ends Jul 2052$9,707
Assumption + second · ends Jul 2052, second Dec 2056$379,213
New conventional · ends Dec 2056$368,122