Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$443/mo
Lowest payment- Down payment
- $372,726
- Funds due
- $383,477
- Interest + MI left
- $8,262
- First ends
- Feb 2051
Assumption
Assumption + second
$2,836/mo
+$2,393/mo- Down payment
- $38,726
- Funds due
- $51,365
- Interest + MI left
- $535,676
- First ends
- Feb 2051
New loan
New conventional
$2,768/mo
+$2,325/mo- Down payment
- $38,726
- Funds due
- $47,882
- Interest + MI left
- $498,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,274 | $7,274 | $341,274 |
| Second mortgage | — | $334,000 | — |
| First P&I | $51.34 | $51.34 | $2,311.91 |
| Second P&I | — | $2,392.82 | — |
| Mortgage insurance | $3.43 | $3.43 | $68.25 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $442.77 | $2,835.58 | $2,768.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,726
Closing costs & prepaids$12,640
Usable credit−$0
Total buyer cash needed$51,365
Earnest money paid−$0
Remaining funds due$51,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$12.27
Prepaid interest, second (9 days)$638.26
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 2 moOf the original 26-year loan at 6.84%
Interest already paid$926Through Dec 2026
Assumption only · ends Feb 2051$8,262
Assumption + second · ends Feb 2051, second Jan 2057$535,676
New conventional · ends Jan 2057$498,931