Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$374/mo
Lowest payment- Down payment
- $374,063
- Funds due
- $384,583
- Interest + MI left
- $7,549
- First ends
- Apr 2049
Assumption
Assumption + second
$2,774/mo
+$2,400/mo- Down payment
- $39,063
- Funds due
- $50,904
- Interest + MI left
- $536,542
- First ends
- Apr 2049
New loan
New conventional
$2,781/mo
+$2,407/mo- Down payment
- $39,063
- Funds due
- $47,462
- Interest + MI left
- $532,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,937 | $15,937 | $350,937 |
| Second mortgage | — | $335,000 | — |
| First P&I | $79.76 | $79.76 | $2,429.82 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | $13.16 | $13.16 | $70.19 |
| Taxes, insurance & HOA | $281.25 | $281.25 | $281.25 |
| Total housing payment | $374.17 | $2,774.15 | $2,781.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,063
Closing costs & prepaids$11,841
Usable credit−$0
Total buyer cash needed$50,904
Earnest money paid−$0
Remaining funds due$50,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$393.75
Prepaid interest, first (1 days)$1.22
Prepaid interest, second (1 days)$71.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing22 yr 5 moOf the original 28-year loan at 2.790%
Interest already paid$2,697Through Nov 2026
Assumption only · ends Apr 2049$7,549
Assumption + second · ends Apr 2049, second Dec 2056$536,542
New conventional · ends Dec 2056$532,220