Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$491/mo
Lowest payment- Down payment
- $325,645
- Funds due
- $335,948
- Interest + MI left
- $20,119
- First ends
- Aug 2050
Assumption
Assumption + second
$2,575/mo
+$2,085/mo- Down payment
- $34,645
- Funds due
- $46,754
- Interest + MI left
- $479,632
- First ends
- Aug 2050
New loan
New conventional
$2,509/mo
+$2,019/mo- Down payment
- $34,645
- Funds due
- $43,318
- Interest + MI left
- $452,182
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,255 | $18,255 | $309,255 |
| Second mortgage | — | $291,000 | — |
| First P&I | $129.57 | $129.57 | $2,095.00 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | $8.55 | $8.55 | $61.85 |
| Taxes, insurance & HOA | $352.58 | $352.58 | $352.58 |
| Total housing payment | $490.70 | $2,575.46 | $2,509.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,645
Closing costs & prepaids$12,108
Usable credit−$0
Total buyer cash needed$46,754
Earnest money paid−$0
Remaining funds due$46,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,439.00
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)$412.75
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$30.65
Prepaid interest, second (9 days)$556.09
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 8 moOf the original 25-year loan at 6.81%
Interest already paid$1,677Through Dec 2026
Assumption only · ends Aug 2050$20,119
Assumption + second · ends Aug 2050, second Jan 2057$479,632
New conventional · ends Jan 2057$452,182