Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$626/mo
Lowest payment- Down payment
- $329,941
- Funds due
- $340,589
- Interest + MI left
- $24,603
- First ends
- Dec 2048
Assumption
Assumption + second
$2,732/mo
+$2,106/mo- Down payment
- $35,941
- Funds due
- $48,401
- Interest + MI left
- $488,854
- First ends
- Dec 2048
New loan
New conventional
$2,664/mo
+$2,039/mo- Down payment
- $35,941
- Funds due
- $44,961
- Interest + MI left
- $470,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,059 | $28,059 | $322,059 |
| Second mortgage | — | $294,000 | — |
| First P&I | $186.07 | $186.07 | $2,181.74 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $21.51 | $21.51 | $64.41 |
| Taxes, insurance & HOA | $418.17 | $418.17 | $418.17 |
| Total housing payment | $625.74 | $2,731.99 | $2,664.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,941
Closing costs & prepaids$12,460
Usable credit−$0
Total buyer cash needed$48,401
Earnest money paid−$0
Remaining funds due$48,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,580.00
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)$429.50
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$39.16
Prepaid interest, second (9 days)$561.82
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 yrOf the original 26-year loan at 5.66%
Interest already paid$6,629Through Dec 2026
Assumption only · ends Dec 2048$24,603
Assumption + second · ends Dec 2048, second Jan 2057$488,854
New conventional · ends Jan 2057$470,904