Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$430/mo
Lowest payment- Down payment
- $277,522
- Funds due
- $287,141
- Interest + MI left
- $23,840
- First ends
- Aug 2051
Assumption
Assumption + second
$2,200/mo
+$1,770/mo- Down payment
- $30,522
- Funds due
- $41,863
- Interest + MI left
- $413,874
- First ends
- Aug 2051
New loan
New conventional
$2,149/mo
+$1,719/mo- Down payment
- $30,522
- Funds due
- $38,479
- Interest + MI left
- $393,968
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,478 | $22,478 | $269,478 |
| Second mortgage | — | $247,000 | — |
| First P&I | $149.81 | $149.81 | $1,825.54 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | $10.36 | $10.36 | $53.90 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $430.17 | $2,199.71 | $2,149.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,522
Closing costs & prepaids$11,342
Usable credit−$0
Total buyer cash needed$41,863
Earnest money paid−$0
Remaining funds due$41,863
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (9 days)$34.92
Prepaid interest, second (9 days)$472.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing24 yr 8 moOf the original 25-year loan at 6.3%
Interest already paid$474Through Dec 2026
Assumption only · ends Aug 2051$23,840
Assumption + second · ends Aug 2051, second Jan 2057$413,874
New conventional · ends Jan 2057$393,968