Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$490/mo
Lowest payment- Down payment
- $288,899
- Funds due
- $298,897
- Interest + MI left
- $10,492
- First ends
- May 2048
Assumption
Assumption + second
$2,339/mo
+$1,848/mo- Down payment
- $30,899
- Funds due
- $42,421
- Interest + MI left
- $417,896
- First ends
- May 2048
New loan
New conventional
$2,281/mo
+$1,791/mo- Down payment
- $30,899
- Funds due
- $39,043
- Interest + MI left
- $393,270
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,001 | $11,001 | $269,001 |
| Second mortgage | — | $258,000 | — |
| First P&I | $80.26 | $80.26 | $1,822.31 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $5.30 | $5.30 | $53.80 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $490.47 | $2,338.82 | $2,281.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,899
Closing costs & prepaids$11,523
Usable credit−$0
Total buyer cash needed$42,421
Earnest money paid−$0
Remaining funds due$42,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$9.99
Prepaid interest, second (5 days)$273.90
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 closing21 yr 5 moOf the original 24-year loan at 6.63%
Interest already paid$1,935Through Dec 2026
Assumption only · ends May 2048$10,492
Assumption + second · ends May 2048, second Jan 2057$417,896
New conventional · ends Jan 2057$393,270