Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$562/mo
Lowest payment- Down payment
- $397,735
- Funds due
- $409,013
- Interest + MI left
- $10,752
- First ends
- Sep 2049
Assumption
Assumption + second
$3,105/mo
+$2,543/mo- Down payment
- $42,735
- Funds due
- $55,338
- Interest + MI left
- $571,327
- First ends
- Sep 2049
New loan
New conventional
$3,121/mo
+$2,559/mo- Down payment
- $42,735
- Funds due
- $51,861
- Interest + MI left
- $572,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,265 | $22,265 | $377,265 |
| Second mortgage | — | $355,000 | — |
| First P&I | $110.08 | $110.08 | $2,612.11 |
| Second P&I | — | $2,543.26 | — |
| Mortgage insurance | $18.15 | $18.15 | $75.45 |
| Taxes, insurance & HOA | $433.83 | $433.83 | $433.83 |
| Total housing payment | $562.06 | $3,105.32 | $3,121.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,735
Closing costs & prepaids$12,604
Usable credit−$0
Total buyer cash needed$55,338
Earnest money paid−$0
Remaining funds due$55,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$851.50
Prepaid interest, first (1 days)$1.71
Prepaid interest, second (1 days)$75.38
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 closing22 yr 10 moOf the original 28-year loan at 2.800%
Interest already paid$3,473Through Nov 2026
Assumption only · ends Sep 2049$10,752
Assumption + second · ends Sep 2049, second Dec 2056$571,327
New conventional · ends Dec 2056$572,072