Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$701/mo
Lowest payment- Down payment
- $339,303
- Funds due
- $350,435
- Interest + MI left
- $10,094
- First ends
- Jun 2047
Assumption
Assumption + second
$2,879/mo
+$2,178/mo- Down payment
- $35,303
- Funds due
- $48,073
- Interest + MI left
- $490,136
- First ends
- Jun 2047
New loan
New conventional
$2,810/mo
+$2,108/mo- Down payment
- $35,303
- Funds due
- $44,641
- Interest + MI left
- $460,139
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,697 | $10,697 | $314,697 |
| Second mortgage | — | $304,000 | — |
| First P&I | $81.23 | $81.23 | $2,131.87 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $5.15 | $5.15 | $62.94 |
| Taxes, insurance & HOA | $615.00 | $615.00 | $615.00 |
| Total housing payment | $701.39 | $2,879.28 | $2,809.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,303
Closing costs & prepaids$12,769
Usable credit−$0
Total buyer cash needed$48,073
Earnest money paid−$0
Remaining funds due$48,073
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$975.00
Prepaid interest, first (6 days)$12.10
Prepaid interest, second (6 days)$387.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing20 yr 6 moOf the original 23-year loan at 6.88%
Interest already paid$1,890Through Dec 2026
Assumption only · ends Jun 2047$10,094
Assumption + second · ends Jun 2047, second Jan 2057$490,136
New conventional · ends Jan 2057$460,139