Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$406/mo
Lowest payment- Down payment
- $321,377
- Funds due
- $331,492
- Interest + MI left
- $9,915
- First ends
- Oct 2051
Assumption
Assumption + second
$2,469/mo
+$2,063/mo- Down payment
- $33,377
- Funds due
- $45,292
- Interest + MI left
- $464,691
- First ends
- Oct 2051
New loan
New conventional
$2,411/mo
+$2,005/mo- Down payment
- $33,377
- Funds due
- $41,869
- Interest + MI left
- $433,712
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,623 | $8,623 | $296,623 |
| Second mortgage | — | $288,000 | — |
| First P&I | $59.52 | $59.52 | $2,009.43 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $4.13 | $4.13 | $59.32 |
| Taxes, insurance & HOA | $342.00 | $342.00 | $342.00 |
| Total housing payment | $405.64 | $2,468.91 | $2,410.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,377
Closing costs & prepaids$11,916
Usable credit−$0
Total buyer cash needed$45,292
Earnest money paid−$0
Remaining funds due$45,292
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$14.27
Prepaid interest, second (9 days)$550.36
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 closing24 yr 10 moOf the original 28-year loan at 6.71%
Interest already paid$1,876Through Dec 2026
Assumption only · ends Oct 2051$9,915
Assumption + second · ends Oct 2051, second Jan 2057$464,691
New conventional · ends Jan 2057$433,712