Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$423/mo
Lowest payment- Down payment
- $334,445
- Funds due
- $344,670
- Interest + MI left
- $25,427
- First ends
- Jun 2056
Assumption
Assumption + second
$2,558/mo
+$2,135/mo- Down payment
- $36,445
- Funds due
- $48,490
- Interest + MI left
- $495,994
- First ends
- Jun 2056
New loan
New conventional
$2,510/mo
+$2,087/mo- Down payment
- $36,445
- Funds due
- $45,039
- Interest + MI left
- $464,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,055 | $20,055 | $318,055 |
| Second mortgage | — | $298,000 | — |
| First P&I | $122.39 | $122.39 | $2,154.62 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $9.25 | $9.25 | $63.61 |
| Taxes, insurance & HOA | $291.83 | $291.83 | $291.83 |
| Total housing payment | $423.47 | $2,558.38 | $2,510.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,445
Closing costs & prepaids$12,045
Usable credit−$0
Total buyer cash needed$48,490
Earnest money paid−$0
Remaining funds due$48,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,545.00
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)$425.50
Prepaid interest, first (9 days)$30.22
Prepaid interest, second (9 days)$569.47
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 closing29 yr 6 moOf the original 30-year loan at 6.11%
Interest already paid$615Through Dec 2026
Assumption only · ends Jun 2056$25,427
Assumption + second · ends Jun 2056, second Jan 2057$495,994
New conventional · ends Jan 2057$464,985