Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$906/mo
Lowest payment- Down payment
- $361,139
- Funds due
- $373,150
- Interest + MI left
- $8,704
- First ends
- Nov 2050
Assumption
Assumption + second
$3,227/mo
+$2,321/mo- Down payment
- $37,139
- Funds due
- $50,537
- Interest + MI left
- $520,327
- First ends
- Nov 2050
New loan
New conventional
$3,212/mo
+$2,305/mo- Down payment
- $37,139
- Funds due
- $47,110
- Interest + MI left
- $503,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,861 | $7,861 | $331,861 |
| Second mortgage | — | $324,000 | — |
| First P&I | $55.14 | $55.14 | $2,297.74 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | $3.66 | $3.66 | $66.37 |
| Taxes, insurance & HOA | $847.50 | $847.50 | $847.50 |
| Total housing payment | $906.30 | $3,227.48 | $3,211.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,139
Closing costs & prepaids$13,398
Usable credit−$0
Total buyer cash needed$50,537
Earnest money paid−$0
Remaining funds due$50,537
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)$1,393.50
Initial HOA (3 months)$699.00
Prepaid interest, first (2 days)$2.90
Prepaid interest, second (2 days)$137.59
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 yrOf the original 25-year loan at 6.740%
Interest already paid$535Through Nov 2026
Assumption only · ends Nov 2050$8,704
Assumption + second · ends Nov 2050, second Dec 2056$520,327
New conventional · ends Dec 2056$503,290