Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$454/mo
Lowest payment- Down payment
- $369,346
- Funds due
- $380,022
- Interest + MI left
- $18,225
- First ends
- Nov 2052
Assumption
Assumption + second
$2,818/mo
+$2,364/mo- Down payment
- $39,346
- Funds due
- $51,902
- Interest + MI left
- $539,322
- First ends
- Nov 2052
New loan
New conventional
$2,753/mo
+$2,299/mo- Down payment
- $39,346
- Funds due
- $48,415
- Interest + MI left
- $505,334
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,654 | $15,654 | $345,654 |
| Second mortgage | — | $330,000 | — |
| First P&I | $104.12 | $104.12 | $2,341.58 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | $7.38 | $7.38 | $69.13 |
| Taxes, insurance & HOA | $342.00 | $342.00 | $342.00 |
| Total housing payment | $453.50 | $2,817.66 | $2,752.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,346
Closing costs & prepaids$12,557
Usable credit−$0
Total buyer cash needed$51,902
Earnest money paid−$0
Remaining funds due$51,902
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$25.05
Prepaid interest, second (9 days)$630.62
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 closing25 yr 11 moOf the original 28-year loan at 6.49%
Interest already paid$2,149Through Dec 2026
Assumption only · ends Nov 2052$18,225
Assumption + second · ends Nov 2052, second Jan 2057$539,322
New conventional · ends Jan 2057$505,334