Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$628/mo
Lowest payment- Down payment
- $328,805
- Funds due
- $339,612
- Interest + MI left
- $15,192
- First ends
- Jul 2053
Assumption
Assumption + second
$2,734/mo
+$2,106/mo- Down payment
- $34,805
- Funds due
- $46,924
- Interest + MI left
- $479,443
- First ends
- Jul 2053
New loan
New conventional
$2,717/mo
+$2,090/mo- Down payment
- $34,805
- Funds due
- $43,524
- Interest + MI left
- $462,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,195 | $11,195 | $305,195 |
| Second mortgage | — | $294,000 | — |
| First P&I | $78.94 | $78.94 | $2,113.11 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $5.27 | $5.27 | $61.04 |
| Taxes, insurance & HOA | $543.33 | $543.33 | $543.33 |
| Total housing payment | $627.54 | $2,733.79 | $2,717.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,805
Closing costs & prepaids$12,120
Usable credit−$0
Total buyer cash needed$46,924
Earnest money paid−$0
Remaining funds due$46,924
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$1,180.00
Prepaid interest, first (1 days)$2.21
Prepaid interest, second (1 days)$62.42
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 closing26 yr 8 moOf the original 29-year loan at 7.220%
Interest already paid$1,913Through Nov 2026
Assumption only · ends Jul 2053$15,192
Assumption + second · ends Jul 2053, second Dec 2056$479,443
New conventional · ends Dec 2056$462,788