Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$830/mo
Lowest payment- Down payment
- $345,140
- Funds due
- $356,708
- Interest + MI left
- $17,816
- First ends
- Jun 2053
Assumption
Assumption + second
$3,044/mo
+$2,214/mo- Down payment
- $36,140
- Funds due
- $49,417
- Interest + MI left
- $505,753
- First ends
- Jun 2053
New loan
New conventional
$2,984/mo
+$2,154/mo- Down payment
- $36,140
- Funds due
- $45,975
- Interest + MI left
- $473,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,860 | $14,860 | $323,860 |
| Second mortgage | — | $309,000 | — |
| First P&I | $98.10 | $98.10 | $2,193.94 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $7.11 | $7.11 | $64.77 |
| Taxes, insurance & HOA | $725.00 | $725.00 | $725.00 |
| Total housing payment | $830.21 | $3,043.92 | $2,983.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,140
Closing costs & prepaids$13,278
Usable credit−$0
Total buyer cash needed$49,417
Earnest money paid−$0
Remaining funds due$49,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$1,293.00
Prepaid interest, first (7 days)$18.52
Prepaid interest, second (7 days)$459.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 6.5%
Interest already paid$3,460Through Dec 2026
Assumption only · ends Jun 2053$17,816
Assumption + second · ends Jun 2053, second Jan 2057$505,753
New conventional · ends Jan 2057$473,537