Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$523/mo
Lowest payment- Down payment
- $371,760
- Funds due
- $382,595
- Interest + MI left
- $20,635
- First ends
- Dec 2051
Assumption
Assumption + second
$2,887/mo
+$2,364/mo- Down payment
- $41,760
- Funds due
- $54,266
- Interest + MI left
- $541,732
- First ends
- Dec 2051
New loan
New conventional
$2,882/mo
+$2,359/mo- Down payment
- $41,760
- Funds due
- $50,794
- Interest + MI left
- $538,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,240 | $38,240 | $368,240 |
| Second mortgage | — | $330,000 | — |
| First P&I | $178.56 | $178.56 | $2,494.59 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | $30.54 | $30.54 | $73.65 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $523.11 | $2,887.27 | $2,882.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,760
Closing costs & prepaids$12,505
Usable credit−$0
Total buyer cash needed$54,266
Earnest money paid−$0
Remaining funds due$54,266
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (6 days)$17.98
Prepaid interest, second (6 days)$420.41
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 closing25 yrOf the original 30-year loan at 2.86%
Interest already paid$5,831Through Dec 2026
Assumption only · ends Dec 2051$20,635
Assumption + second · ends Dec 2051, second Jan 2057$541,732
New conventional · ends Jan 2057$538,354