Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$635/mo
Lowest payment- Down payment
- $318,117
- Funds due
- $328,766
- Interest + MI left
- $27,855
- First ends
- Apr 2056
Assumption
Assumption + second
$2,669/mo
+$2,035/mo- Down payment
- $34,117
- Funds due
- $46,076
- Interest + MI left
- $476,315
- First ends
- Apr 2056
New loan
New conventional
$2,669/mo
+$2,035/mo- Down payment
- $34,117
- Funds due
- $42,683
- Interest + MI left
- $463,892
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,883 | $21,883 | $305,883 |
| Second mortgage | — | $284,000 | — |
| First P&I | $134.24 | $134.24 | $2,117.87 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | $10.10 | $10.10 | $61.18 |
| Taxes, insurance & HOA | $490.17 | $490.17 | $490.17 |
| Total housing payment | $634.51 | $2,669.12 | $2,669.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,117
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$46,076
Earnest money paid−$0
Remaining funds due$46,076
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)$1,020.50
Prepaid interest, first (1 days)$3.69
Prepaid interest, second (1 days)$60.30
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 closing29 yr 5 moOf the original 30-year loan at 6.150%
Interest already paid$788Through Nov 2026
Assumption only · ends Apr 2056$27,855
Assumption + second · ends Apr 2056, second Dec 2056$476,315
New conventional · ends Dec 2056$463,892