Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$563/mo
Lowest payment- Down payment
- $339,740
- Funds due
- $350,241
- Interest + MI left
- $33,988
- First ends
- Mar 2051
Assumption
Assumption + second
$2,727/mo
+$2,164/mo- Down payment
- $37,740
- Funds due
- $49,620
- Interest + MI left
- $510,871
- First ends
- Mar 2051
New loan
New conventional
$2,702/mo
+$2,138/mo- Down payment
- $37,740
- Funds due
- $46,187
- Interest + MI left
- $502,312
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,260 | $29,260 | $331,260 |
| Second mortgage | — | $302,000 | — |
| First P&I | $207.62 | $207.62 | $2,293.58 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $13.74 | $13.74 | $66.25 |
| Taxes, insurance & HOA | $341.83 | $341.83 | $341.83 |
| Total housing payment | $563.19 | $2,726.76 | $2,701.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,740
Closing costs & prepaids$11,880
Usable credit−$0
Total buyer cash needed$49,620
Earnest money paid−$0
Remaining funds due$49,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$575.50
Prepaid interest, first (2 days)$11.11
Prepaid interest, second (2 days)$128.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yr 4 moOf the original 26-year loan at 6.930%
Interest already paid$3,424Through Nov 2026
Assumption only · ends Mar 2051$33,988
Assumption + second · ends Mar 2051, second Dec 2056$510,871
New conventional · ends Dec 2056$502,312