Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$590/mo
Lowest payment- Down payment
- $331,485
- Funds due
- $342,161
- Interest + MI left
- $22,788
- First ends
- Jun 2053
Assumption
Assumption + second
$2,710/mo
+$2,121/mo- Down payment
- $35,485
- Funds due
- $47,977
- Interest + MI left
- $490,197
- First ends
- Jun 2053
New loan
New conventional
$2,650/mo
+$2,061/mo- Down payment
- $35,485
- Funds due
- $44,533
- Interest + MI left
- $459,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,505 | $18,505 | $314,505 |
| Second mortgage | — | $296,000 | — |
| First P&I | $124.16 | $124.16 | $2,130.57 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | $8.65 | $8.65 | $62.90 |
| Taxes, insurance & HOA | $457.00 | $457.00 | $457.00 |
| Total housing payment | $589.81 | $2,710.39 | $2,650.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,485
Closing costs & prepaids$12,492
Usable credit−$0
Total buyer cash needed$47,977
Earnest money paid−$0
Remaining funds due$47,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$420.00
Initial HOA (3 months)$501.00
Prepaid interest, first (9 days)$30.43
Prepaid interest, second (9 days)$565.64
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 closing26 yr 6 moOf the original 28-year loan at 6.67%
Interest already paid$1,871Through Dec 2026
Assumption only · ends Jun 2053$22,788
Assumption + second · ends Jun 2053, second Jan 2057$490,197
New conventional · ends Jan 2057$459,858