Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$478/mo
Lowest payment- Down payment
- $344,764
- Funds due
- $355,306
- Interest + MI left
- $10,698
- First ends
- Sep 2049
Assumption
Assumption + second
$2,692/mo
+$2,214/mo- Down payment
- $35,764
- Funds due
- $48,147
- Interest + MI left
- $498,635
- First ends
- Sep 2049
New loan
New conventional
$2,626/mo
+$2,148/mo- Down payment
- $35,764
- Funds due
- $44,697
- Interest + MI left
- $466,776
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,236 | $10,236 | $319,236 |
| Second mortgage | — | $309,000 | — |
| First P&I | $73.59 | $73.59 | $2,162.62 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $4.80 | $4.80 | $63.85 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $478.38 | $2,692.10 | $2,626.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,764
Closing costs & prepaids$12,383
Usable credit−$0
Total buyer cash needed$48,147
Earnest money paid−$0
Remaining funds due$48,147
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$17.09
Prepaid interest, second (9 days)$590.49
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 yr 9 moOf the original 24-year loan at 6.77%
Interest already paid$877Through Dec 2026
Assumption only · ends Sep 2049$10,698
Assumption + second · ends Sep 2049, second Jan 2057$498,635
New conventional · ends Jan 2057$466,776