Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$393/mo
Lowest payment- Down payment
- $351,137
- Funds due
- $361,465
- Interest + MI left
- $18,150
- First ends
- Feb 2055
Assumption
Assumption + second
$2,642/mo
+$2,250/mo- Down payment
- $37,137
- Funds due
- $49,115
- Interest + MI left
- $513,983
- First ends
- Feb 2055
New loan
New conventional
$2,583/mo
+$2,190/mo- Down payment
- $37,137
- Funds due
- $45,666
- Interest + MI left
- $479,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,863 | $13,863 | $327,863 |
| Second mortgage | — | $314,000 | — |
| First P&I | $90.41 | $90.41 | $2,221.06 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | $6.49 | $6.49 | $65.57 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $392.90 | $2,642.43 | $2,582.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,137
Closing costs & prepaids$11,978
Usable credit−$0
Total buyer cash needed$49,115
Earnest money paid−$0
Remaining funds due$49,115
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (6 days)$15.04
Prepaid interest, second (6 days)$400.03
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 closing28 yr 2 moOf the original 30-year loan at 6.6%
Interest already paid$1,696Through Dec 2026
Assumption only · ends Feb 2055$18,150
Assumption + second · ends Feb 2055, second Jan 2057$513,983
New conventional · ends Jan 2057$479,324