Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$395/mo
Lowest payment- Down payment
- $322,560
- Funds due
- $332,540
- Interest + MI left
- $22,260
- First ends
- Apr 2053
Assumption
Assumption + second
$2,458/mo
+$2,063/mo- Down payment
- $34,560
- Funds due
- $45,851
- Interest + MI left
- $477,036
- First ends
- Apr 2053
New loan
New conventional
$2,443/mo
+$2,048/mo- Down payment
- $34,560
- Funds due
- $42,453
- Interest + MI left
- $463,159
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,440 | $17,440 | $305,440 |
| Second mortgage | — | $288,000 | — |
| First P&I | $119.84 | $119.84 | $2,114.80 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $8.15 | $8.15 | $61.09 |
| Taxes, insurance & HOA | $267.08 | $267.08 | $267.08 |
| Total housing payment | $395.07 | $2,458.34 | $2,442.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,560
Closing costs & prepaids$11,291
Usable credit−$0
Total buyer cash needed$45,851
Earnest money paid−$0
Remaining funds due$45,851
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)$351.25
Prepaid interest, first (1 days)$3.30
Prepaid interest, second (1 days)$61.15
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 closing26 yr 5 moOf the original 28-year loan at 6.910%
Interest already paid$1,928Through Nov 2026
Assumption only · ends Apr 2053$22,260
Assumption + second · ends Apr 2053, second Dec 2056$477,036
New conventional · ends Dec 2056$463,159