Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$384/mo
Lowest payment- Down payment
- $333,507
- Funds due
- $343,640
- Interest + MI left
- $16,429
- First ends
- Nov 2053
Assumption
Assumption + second
$2,519/mo
+$2,135/mo- Down payment
- $35,507
- Funds due
- $47,460
- Interest + MI left
- $486,996
- First ends
- Nov 2053
New loan
New conventional
$2,461/mo
+$2,078/mo- Down payment
- $35,507
- Funds due
- $44,015
- Interest + MI left
- $455,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,493 | $13,493 | $311,493 |
| Second mortgage | — | $298,000 | — |
| First P&I | $88.47 | $88.47 | $2,110.16 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $6.35 | $6.35 | $62.30 |
| Taxes, insurance & HOA | $288.83 | $288.83 | $288.83 |
| Total housing payment | $383.65 | $2,518.56 | $2,461.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,507
Closing costs & prepaids$11,953
Usable credit−$0
Total buyer cash needed$47,460
Earnest money paid−$0
Remaining funds due$47,460
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$416.50
Prepaid interest, first (9 days)$21.59
Prepaid interest, second (9 days)$569.47
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 closing26 yr 11 moOf the original 29-year loan at 6.49%
Interest already paid$1,850Through Dec 2026
Assumption only · ends Nov 2053$16,429
Assumption + second · ends Nov 2053, second Jan 2057$486,996
New conventional · ends Jan 2057$455,392