Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$409/mo
Lowest payment- Down payment
- $341,754
- Funds due
- $352,019
- Interest + MI left
- $8,395
- First ends
- May 2047
Assumption
Assumption + second
$2,594/mo
+$2,185/mo- Down payment
- $36,754
- Funds due
- $48,658
- Interest + MI left
- $490,016
- First ends
- May 2047
New loan
New conventional
$2,548/mo
+$2,139/mo- Down payment
- $36,754
- Funds due
- $45,224
- Interest + MI left
- $472,428
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,146 | $18,146 | $323,146 |
| Second mortgage | — | $305,000 | — |
| First P&I | $99.59 | $99.59 | $2,189.10 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | $15.18 | $15.18 | $64.63 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $408.78 | $2,593.83 | $2,547.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,754
Closing costs & prepaids$11,904
Usable credit−$0
Total buyer cash needed$48,658
Earnest money paid−$0
Remaining funds due$48,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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
Prepaid interest, first (6 days)$9.10
Prepaid interest, second (6 days)$388.56
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 5 moOf the original 26-year loan at 3.05%
Interest already paid$3,382Through Dec 2026
Assumption only · ends May 2047$8,395
Assumption + second · ends May 2047, second Jan 2057$490,016
New conventional · ends Jan 2057$472,428