Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$337/mo
Lowest payment- Down payment
- $363,133
- Funds due
- $373,505
- Interest + MI left
- $3,264
- First ends
- Apr 2050
Assumption
Assumption + second
$2,672/mo
+$2,336/mo- Down payment
- $37,133
- Funds due
- $49,171
- Interest + MI left
- $518,045
- First ends
- Apr 2050
New loan
New conventional
$2,620/mo
+$2,283/mo- Down payment
- $37,133
- Funds due
- $45,724
- Interest + MI left
- $486,707
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,867 | $6,867 | $332,867 |
| Second mortgage | — | $326,000 | — |
| First P&I | $32.94 | $32.94 | $2,254.96 |
| Second P&I | — | $2,335.50 | — |
| Mortgage insurance | $5.66 | $5.66 | $66.57 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $336.60 | $2,672.10 | $2,619.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,133
Closing costs & prepaids$12,037
Usable credit−$0
Total buyer cash needed$49,171
Earnest money paid−$0
Remaining funds due$49,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Prepaid interest, first (6 days)$3.00
Prepaid interest, second (6 days)$415.32
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 closing23 yr 4 moOf the original 29-year loan at 2.66%
Interest already paid$1,123Through Dec 2026
Assumption only · ends Apr 2050$3,264
Assumption + second · ends Apr 2050, second Jan 2057$518,045
New conventional · ends Jan 2057$486,707