Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$409/mo
Lowest payment- Down payment
- $308,176
- Funds due
- $318,071
- Interest + MI left
- $21,020
- First ends
- Dec 2051
Assumption
Assumption + second
$2,379/mo
+$1,970/mo- Down payment
- $33,176
- Funds due
- $44,846
- Interest + MI left
- $455,268
- First ends
- Dec 2051
New loan
New conventional
$2,315/mo
+$1,906/mo- Down payment
- $33,176
- Funds due
- $41,426
- Interest + MI left
- $426,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,824 | $16,824 | $291,824 |
| Second mortgage | — | $275,000 | — |
| First P&I | $120.85 | $120.85 | $1,976.92 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | $8.01 | $8.01 | $58.36 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $408.86 | $2,378.99 | $2,315.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,176
Closing costs & prepaids$11,670
Usable credit−$0
Total buyer cash needed$44,846
Earnest money paid−$0
Remaining funds due$44,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$29.79
Prepaid interest, second (9 days)$525.51
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 closing25 yrOf the original 28-year loan at 7.18%
Interest already paid$3,699Through Dec 2026
Assumption only · ends Dec 2051$21,020
Assumption + second · ends Dec 2051, second Jan 2057$455,268
New conventional · ends Jan 2057$426,637