Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$519/mo
Lowest payment- Down payment
- $252,682
- Funds due
- $262,370
- Interest + MI left
- $13,453
- First ends
- Apr 2050
Assumption
Assumption + second
$2,131/mo
+$1,612/mo- Down payment
- $27,682
- Funds due
- $38,858
- Interest + MI left
- $368,747
- First ends
- Apr 2050
New loan
New conventional
$2,109/mo
+$1,590/mo- Down payment
- $27,682
- Funds due
- $35,525
- Interest + MI left
- $361,620
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,318 | $22,318 | $247,318 |
| Second mortgage | — | $225,000 | — |
| First P&I | $117.33 | $117.33 | $1,675.42 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $17.68 | $17.68 | $49.46 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $518.77 | $2,130.69 | $2,108.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,682
Closing costs & prepaids$11,176
Usable credit−$0
Total buyer cash needed$38,858
Earnest money paid−$0
Remaining funds due$38,858
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)$701.25
Prepaid interest, first (5 days)$10.85
Prepaid interest, second (5 days)$238.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4 moOf the original 28-year loan at 3.55%
Interest already paid$3,926Through Dec 2026
Assumption only · ends Apr 2050$13,453
Assumption + second · ends Apr 2050, second Jan 2057$368,747
New conventional · ends Jan 2057$361,620