Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$781/mo
Lowest payment- Down payment
- $325,573
- Funds due
- $336,804
- Interest + MI left
- $17,043
- First ends
- Sep 2054
Assumption
Assumption + second
$2,866/mo
+$2,085/mo- Down payment
- $34,573
- Funds due
- $47,116
- Interest + MI left
- $476,557
- First ends
- Sep 2054
New loan
New conventional
$2,857/mo
+$2,075/mo- Down payment
- $34,573
- Funds due
- $43,718
- Interest + MI left
- $461,623
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,427 | $13,427 | $304,427 |
| Second mortgage | — | $291,000 | — |
| First P&I | $87.06 | $87.06 | $2,107.79 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | $6.31 | $6.31 | $60.89 |
| Taxes, insurance & HOA | $688.00 | $688.00 | $688.00 |
| Total housing payment | $781.37 | $2,866.13 | $2,856.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,573
Closing costs & prepaids$12,543
Usable credit−$0
Total buyer cash needed$47,116
Earnest money paid−$0
Remaining funds due$47,116
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$453.00
Initial HOA (3 months)$1,161.00
Prepaid interest, first (1 days)$2.39
Prepaid interest, second (1 days)$61.79
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 closing27 yr 10 moOf the original 30-year loan at 6.500%
Interest already paid$1,917Through Nov 2026
Assumption only · ends Sep 2054$17,043
Assumption + second · ends Sep 2054, second Dec 2056$476,557
New conventional · ends Dec 2056$461,623