Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$389/mo
Lowest payment- Down payment
- $310,217
- Funds due
- $320,106
- Interest + MI left
- $16,635
- First ends
- Aug 2051
Assumption
Assumption + second
$2,373/mo
+$1,984/mo- Down payment
- $33,217
- Funds due
- $44,886
- Interest + MI left
- $454,042
- First ends
- Aug 2051
New loan
New conventional
$2,315/mo
+$1,926/mo- Down payment
- $33,217
- Funds due
- $41,466
- Interest + MI left
- $426,577
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,783 | $14,783 | $291,783 |
| Second mortgage | — | $277,000 | — |
| First P&I | $101.65 | $101.65 | $1,976.64 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $6.91 | $6.91 | $58.36 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $388.56 | $2,373.02 | $2,315.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,217
Closing costs & prepaids$11,669
Usable credit−$0
Total buyer cash needed$44,886
Earnest money paid−$0
Remaining funds due$44,886
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$24.20
Prepaid interest, second (9 days)$529.34
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 8 moOf the original 26-year loan at 6.64%
Interest already paid$1,323Through Dec 2026
Assumption only · ends Aug 2051$16,635
Assumption + second · ends Aug 2051, second Jan 2057$454,042
New conventional · ends Jan 2057$426,577