Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$499/mo
Lowest payment- Down payment
- $268,699
- Funds due
- $278,502
- Interest + MI left
- $13,082
- First ends
- Aug 2049
Assumption
Assumption + second
$2,218/mo
+$1,719/mo- Down payment
- $28,699
- Funds due
- $40,211
- Interest + MI left
- $392,062
- First ends
- Aug 2049
New loan
New conventional
$2,174/mo
+$1,675/mo- Down payment
- $28,699
- Funds due
- $36,849
- Interest + MI left
- $374,753
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,300 | $16,300 | $256,300 |
| Second mortgage | — | $240,000 | — |
| First P&I | $100.28 | $100.28 | $1,736.27 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | $12.62 | $12.62 | $51.26 |
| Taxes, insurance & HOA | $386.00 | $386.00 | $386.00 |
| Total housing payment | $498.89 | $2,218.28 | $2,173.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,699
Closing costs & prepaids$11,512
Usable credit−$0
Total buyer cash needed$40,211
Earnest money paid−$0
Remaining funds due$40,211
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.99
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)$342.00
Initial HOA (3 months)$366.00
Prepaid interest, first (9 days)$20.10
Prepaid interest, second (9 days)$458.63
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 closing22 yr 8 moOf the original 27-year loan at 5%
Interest already paid$3,704Through Dec 2026
Assumption only · ends Aug 2049$13,082
Assumption + second · ends Aug 2049, second Jan 2057$392,062
New conventional · ends Jan 2057$374,753