Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$620/mo
Lowest payment- Down payment
- $333,302
- Funds due
- $344,021
- Interest + MI left
- $27,426
- First ends
- Apr 2053
Assumption
Assumption + second
$2,748/mo
+$2,128/mo- Down payment
- $36,302
- Funds due
- $48,397
- Interest + MI left
- $496,414
- First ends
- Apr 2053
New loan
New conventional
$2,732/mo
+$2,112/mo- Down payment
- $36,302
- Funds due
- $44,979
- Interest + MI left
- $483,263
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,698 | $21,698 | $318,698 |
| Second mortgage | — | $297,000 | — |
| First P&I | $148.26 | $148.26 | $2,206.60 |
| Second P&I | — | $2,127.74 | — |
| Mortgage insurance | $10.15 | $10.15 | $63.74 |
| Taxes, insurance & HOA | $461.92 | $461.92 | $461.92 |
| Total housing payment | $620.32 | $2,748.06 | $2,732.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,302
Closing costs & prepaids$12,095
Usable credit−$0
Total buyer cash needed$48,397
Earnest money paid−$0
Remaining funds due$48,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$935.75
Prepaid interest, first (2 days)$8.14
Prepaid interest, second (2 days)$126.12
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 closing26 yr 5 moOf the original 28-year loan at 6.850%
Interest already paid$2,379Through Nov 2026
Assumption only · ends Apr 2053$27,426
Assumption + second · ends Apr 2053, second Dec 2056$496,414
New conventional · ends Dec 2056$483,263