Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$324/mo
Lowest payment- Down payment
- $434,999
- Funds due
- $446,096
- Interest + MI left
- $0
- First ends
- Jan 2051
Assumption
Assumption + second
$3,125/mo
+$2,801/mo- Down payment
- $43,999
- Funds due
- $56,844
- Interest + MI left
- $617,422
- First ends
- Jan 2051
New loan
New conventional
$3,051/mo
+$2,727/mo- Down payment
- $43,999
- Funds due
- $53,317
- Interest + MI left
- $571,708
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1 | $1 | $391,001 |
| Second mortgage | — | $391,000 | — |
| First P&I | $0.00 | $0.00 | $2,648.78 |
| Second P&I | — | $2,801.17 | — |
| Mortgage insurance | $0.00 | $0.00 | $78.20 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $324.00 | $3,125.18 | $3,050.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,999
Closing costs & prepaids$12,845
Usable credit−$0
Total buyer cash needed$56,844
Earnest money paid−$0
Remaining funds due$56,844
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (6 days)$0.00
Prepaid interest, second (6 days)$498.12
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 closing24 yr 1 moOf the original 30-year loan at 2.61%
Interest already paid$0Through Dec 2026
Assumption only · ends Jan 2051$0
Assumption + second · ends Jan 2051, second Jan 2057$617,422
New conventional · ends Jan 2057$571,708