Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$426/mo
Lowest payment- Down payment
- $323,832
- Funds due
- $334,007
- Interest + MI left
- $11,783
- First ends
- Sep 2050
Assumption
Assumption + second
$2,504/mo
+$2,078/mo- Down payment
- $33,832
- Funds due
- $45,811
- Interest + MI left
- $469,718
- First ends
- Sep 2050
New loan
New conventional
$2,444/mo
+$2,018/mo- Down payment
- $33,832
- Funds due
- $42,384
- Interest + MI left
- $440,357
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,168 | $11,168 | $301,168 |
| Second mortgage | — | $290,000 | — |
| First P&I | $77.22 | $77.22 | $2,040.22 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | $5.14 | $5.14 | $60.23 |
| Taxes, insurance & HOA | $344.00 | $344.00 | $344.00 |
| Total housing payment | $426.36 | $2,503.95 | $2,444.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,832
Closing costs & prepaids$11,979
Usable credit−$0
Total buyer cash needed$45,811
Earnest money paid−$0
Remaining funds due$45,811
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$17.98
Prepaid interest, second (9 days)$554.18
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 closing23 yr 9 moOf the original 24-year loan at 6.53%
Interest already paid$183Through Dec 2026
Assumption only · ends Sep 2050$11,783
Assumption + second · ends Sep 2050, second Jan 2057$469,718
New conventional · ends Jan 2057$440,357