Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$911/mo
Lowest payment- Down payment
- $360,777
- Funds due
- $372,708
- Interest + MI left
- $17,190
- First ends
- Feb 2051
Assumption
Assumption + second
$3,225/mo
+$2,314/mo- Down payment
- $37,777
- Funds due
- $51,095
- Interest + MI left
- $527,234
- First ends
- Feb 2051
New loan
New conventional
$3,206/mo
+$2,296/mo- Down payment
- $37,777
- Funds due
- $47,662
- Interest + MI left
- $512,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,223 | $15,223 | $338,223 |
| Second mortgage | — | $323,000 | — |
| First P&I | $106.72 | $106.72 | $2,341.79 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | $7.16 | $7.16 | $67.64 |
| Taxes, insurance & HOA | $796.84 | $796.84 | $796.84 |
| Total housing payment | $910.72 | $3,224.73 | $3,206.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,777
Closing costs & prepaids$13,318
Usable credit−$0
Total buyer cash needed$51,095
Earnest money paid−$0
Remaining funds due$51,095
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,760.00
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)$1,895.75
Initial HOA (3 months)$44.76
Prepaid interest, first (2 days)$5.66
Prepaid interest, second (2 days)$137.16
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 3 moOf the original 26-year loan at 6.780%
Interest already paid$1,832Through Nov 2026
Assumption only · ends Feb 2051$17,190
Assumption + second · ends Feb 2051, second Dec 2056$527,234
New conventional · ends Dec 2056$512,938