Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$397/mo
Lowest payment- Down payment
- $265,885
- Funds due
- $275,422
- Interest + MI left
- $2,746
- First ends
- Jan 2041
Assumption
Assumption + second
$2,102/mo
+$1,705/mo- Down payment
- $27,885
- Funds due
- $39,127
- Interest + MI left
- $378,568
- First ends
- Jan 2041
New loan
New conventional
$2,046/mo
+$1,649/mo- Down payment
- $27,885
- Funds due
- $35,767
- Interest + MI left
- $356,157
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,615 | $5,615 | $243,615 |
| Second mortgage | — | $238,000 | — |
| First P&I | $47.87 | $47.87 | $1,650.33 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $2.68 | $2.68 | $48.72 |
| Taxes, insurance & HOA | $346.58 | $346.58 | $346.58 |
| Total housing payment | $397.13 | $2,102.20 | $2,045.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,885
Closing costs & prepaids$11,242
Usable credit−$0
Total buyer cash needed$39,127
Earnest money paid−$0
Remaining funds due$39,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,715.00
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)$325.75
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$7.64
Prepaid interest, second (9 days)$454.81
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 closing14 yr 1 moOf the original 15-year loan at 5.52%
Interest already paid$291Through Dec 2026
Assumption only · ends Jan 2041$2,746
Assumption + second · ends Jan 2041, second Jan 2057$378,568
New conventional · ends Jan 2057$356,157