Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$711/mo
Lowest payment- Down payment
- $339,283
- Funds due
- $350,434
- Interest + MI left
- $10,159
- First ends
- Jun 2047
Assumption
Assumption + second
$2,889/mo
+$2,178/mo- Down payment
- $35,283
- Funds due
- $47,748
- Interest + MI left
- $490,201
- First ends
- Jun 2047
New loan
New conventional
$2,866/mo
+$2,156/mo- Down payment
- $35,283
- Funds due
- $44,342
- Interest + MI left
- $477,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,717 | $10,717 | $314,717 |
| Second mortgage | — | $304,000 | — |
| First P&I | $81.23 | $81.23 | $2,179.04 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $5.15 | $5.15 | $62.94 |
| Taxes, insurance & HOA | $624.42 | $624.42 | $624.42 |
| Total housing payment | $710.80 | $2,888.70 | $2,866.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,283
Closing costs & prepaids$12,465
Usable credit−$0
Total buyer cash needed$47,748
Earnest money paid−$0
Remaining funds due$47,748
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$448.25
Initial HOA (3 months)$975.00
Prepaid interest, first (1 days)$2.02
Prepaid interest, second (1 days)$64.55
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 closing20 yr 7 moOf the original 23-year loan at 6.880%
Interest already paid$1,828Through Nov 2026
Assumption only · ends Jun 2047$10,159
Assumption + second · ends Jun 2047, second Dec 2056$490,201
New conventional · ends Dec 2056$477,290