Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$365/mo
Lowest payment- Down payment
- $345,111
- Funds due
- $355,328
- Interest + MI left
- $11,251
- First ends
- Sep 2051
Assumption
Assumption + second
$2,579/mo
+$2,214/mo- Down payment
- $36,111
- Funds due
- $48,169
- Interest + MI left
- $499,188
- First ends
- Sep 2051
New loan
New conventional
$2,516/mo
+$2,151/mo- Down payment
- $36,111
- Funds due
- $44,715
- Interest + MI left
- $466,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,889 | $9,889 | $318,889 |
| Second mortgage | — | $309,000 | — |
| First P&I | $68.09 | $68.09 | $2,160.27 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $4.74 | $4.74 | $63.78 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $364.83 | $2,578.55 | $2,516.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,111
Closing costs & prepaids$12,058
Usable credit−$0
Total buyer cash needed$48,169
Earnest money paid−$0
Remaining funds due$48,169
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
Prepaid interest, first (9 days)$16.26
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 closing24 yr 9 moOf the original 28-year loan at 6.67%
Interest already paid$2,196Through Dec 2026
Assumption only · ends Sep 2051$11,251
Assumption + second · ends Sep 2051, second Jan 2057$499,188
New conventional · ends Jan 2057$466,205