Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$284/mo
Lowest payment- Down payment
- $266,807
- Funds due
- $276,062
- Interest + MI left
- $3,729
- First ends
- Jan 2050
Assumption
Assumption + second
$1,996/mo
+$1,712/mo- Down payment
- $27,807
- Funds due
- $38,768
- Interest + MI left
- $381,130
- First ends
- Jan 2050
New loan
New conventional
$1,947/mo
+$1,663/mo- Down payment
- $27,807
- Funds due
- $35,407
- Interest + MI left
- $354,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,192 | $3,192 | $242,192 |
| Second mortgage | — | $239,000 | — |
| First P&I | $23.42 | $23.42 | $1,640.69 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $2.39 | $2.39 | $48.44 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $283.82 | $1,996.04 | $1,947.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,807
Closing costs & prepaids$10,961
Usable credit−$0
Total buyer cash needed$38,768
Earnest money paid−$0
Remaining funds due$38,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.99
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)$324.00
Prepaid interest, first (9 days)$5.57
Prepaid interest, second (9 days)$456.72
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 closing23 yr 1 moOf the original 27-year loan at 7.08%
Interest already paid$913Through Dec 2026
Assumption only · ends Jan 2050$3,729
Assumption + second · ends Jan 2050, second Jan 2057$381,130
New conventional · ends Jan 2057$354,076