Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$474/mo
Lowest payment- Down payment
- $338,780
- Funds due
- $349,246
- Interest + MI left
- $11,787
- First ends
- Mar 2052
Assumption
Assumption + second
$2,638/mo
+$2,164/mo- Down payment
- $36,780
- Funds due
- $49,073
- Interest + MI left
- $488,671
- First ends
- Mar 2052
New loan
New conventional
$2,609/mo
+$2,135/mo- Down payment
- $36,780
- Funds due
- $45,633
- Interest + MI left
- $471,074
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,220 | $20,220 | $322,220 |
| Second mortgage | — | $302,000 | — |
| First P&I | $96.31 | $96.31 | $2,182.83 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $15.98 | $15.98 | $64.44 |
| Taxes, insurance & HOA | $361.91 | $361.91 | $361.91 |
| Total housing payment | $474.19 | $2,637.76 | $2,609.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,780
Closing costs & prepaids$12,293
Usable credit−$0
Total buyer cash needed$49,073
Earnest money paid−$0
Remaining funds due$49,073
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Initial HOA (3 months)$204.99
Prepaid interest, first (9 days)$15.46
Prepaid interest, second (9 days)$577.11
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 closing25 yr 3 moOf the original 30-year loan at 3.1%
Interest already paid$3,156Through Dec 2026
Assumption only · ends Mar 2052$11,787
Assumption + second · ends Mar 2052, second Jan 2057$488,671
New conventional · ends Jan 2057$471,074