Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$433/mo
Lowest payment- Down payment
- $366,366
- Funds due
- $377,003
- Interest + MI left
- $9,966
- First ends
- Oct 2051
Assumption
Assumption + second
$2,783/mo
+$2,350/mo- Down payment
- $38,366
- Funds due
- $50,392
- Interest + MI left
- $527,906
- First ends
- Oct 2051
New loan
New conventional
$2,768/mo
+$2,334/mo- Down payment
- $38,366
- Funds due
- $46,953
- Interest + MI left
- $510,461
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,634 | $8,634 | $336,634 |
| Second mortgage | — | $328,000 | — |
| First P&I | $59.52 | $59.52 | $2,330.79 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | $4.13 | $4.13 | $67.33 |
| Taxes, insurance & HOA | $369.75 | $369.75 | $369.75 |
| Total housing payment | $433.39 | $2,783.23 | $2,767.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,366
Closing costs & prepaids$12,027
Usable credit−$0
Total buyer cash needed$50,392
Earnest money paid−$0
Remaining funds due$50,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$479.25
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$3.17
Prepaid interest, second (2 days)$139.29
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 11 moOf the original 28-year loan at 6.710%
Interest already paid$1,828Through Nov 2026
Assumption only · ends Oct 2051$9,966
Assumption + second · ends Oct 2051, second Dec 2056$527,906
New conventional · ends Dec 2056$510,461