Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$374/mo
Lowest payment- Down payment
- $349,026
- Funds due
- $359,221
- Interest + MI left
- $17,687
- First ends
- Nov 2050
Assumption
Assumption + second
$2,609/mo
+$2,235/mo- Down payment
- $37,026
- Funds due
- $48,603
- Interest + MI left
- $510,362
- First ends
- Nov 2050
New loan
New conventional
$2,591/mo
+$2,217/mo- Down payment
- $37,026
- Funds due
- $45,177
- Interest + MI left
- $497,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,974 | $15,974 | $327,974 |
| Second mortgage | — | $312,000 | — |
| First P&I | $112.05 | $112.05 | $2,270.83 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | $7.44 | $7.44 | $65.59 |
| Taxes, insurance & HOA | $254.50 | $254.50 | $254.50 |
| Total housing payment | $373.99 | $2,609.19 | $2,590.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,026
Closing costs & prepaids$11,577
Usable credit−$0
Total buyer cash needed$48,603
Earnest money paid−$0
Remaining funds due$48,603
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$313.50
Prepaid interest, first (2 days)$5.90
Prepaid interest, second (2 days)$132.49
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 yrOf the original 25-year loan at 6.740%
Interest already paid$1,086Through Nov 2026
Assumption only · ends Nov 2050$17,687
Assumption + second · ends Nov 2050, second Dec 2056$510,362
New conventional · ends Dec 2056$497,329