Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$555/mo
Lowest payment- Down payment
- $367,341
- Funds due
- $378,307
- Interest + MI left
- $9,669
- First ends
- Apr 2047
Assumption
Assumption + second
$2,912/mo
+$2,357/mo- Down payment
- $38,341
- Funds due
- $50,697
- Interest + MI left
- $529,188
- First ends
- Apr 2047
New loan
New conventional
$2,893/mo
+$2,338/mo- Down payment
- $38,341
- Funds due
- $47,258
- Interest + MI left
- $516,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,659 | $11,659 | $340,659 |
| Second mortgage | — | $329,000 | — |
| First P&I | $83.66 | $83.66 | $2,358.65 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | $5.42 | $5.42 | $68.13 |
| Taxes, insurance & HOA | $465.83 | $465.83 | $465.83 |
| Total housing payment | $554.92 | $2,911.91 | $2,892.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,341
Closing costs & prepaids$12,356
Usable credit−$0
Total buyer cash needed$50,697
Earnest money paid−$0
Remaining funds due$50,697
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$947.50
Prepaid interest, first (2 days)$3.93
Prepaid interest, second (2 days)$139.71
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 closing20 yr 5 moOf the original 21-year loan at 6.150%
Interest already paid$422Through Nov 2026
Assumption only · ends Apr 2047$9,669
Assumption + second · ends Apr 2047, second Dec 2056$529,188
New conventional · ends Dec 2056$516,564