Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$357/mo
Lowest payment- Down payment
- $346,492
- Funds due
- $356,657
- Interest + MI left
- $16,507
- First ends
- Nov 2053
Assumption
Assumption + second
$2,578/mo
+$2,221/mo- Down payment
- $36,492
- Funds due
- $47,973
- Interest + MI left
- $506,023
- First ends
- Nov 2053
New loan
New conventional
$2,567/mo
+$2,210/mo- Down payment
- $36,492
- Funds due
- $44,555
- Interest + MI left
- $490,557
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,508 | $13,508 | $323,508 |
| Second mortgage | — | $310,000 | — |
| First P&I | $88.47 | $88.47 | $2,239.90 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $6.35 | $6.35 | $64.70 |
| Taxes, insurance & HOA | $262.58 | $262.58 | $262.58 |
| Total housing payment | $357.40 | $2,578.28 | $2,567.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,492
Closing costs & prepaids$11,481
Usable credit−$0
Total buyer cash needed$47,973
Earnest money paid−$0
Remaining funds due$47,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$337.75
Prepaid interest, first (1 days)$2.40
Prepaid interest, second (1 days)$65.82
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 closing27 yrOf the original 29-year loan at 6.490%
Interest already paid$1,777Through Nov 2026
Assumption only · ends Nov 2053$16,507
Assumption + second · ends Nov 2053, second Dec 2056$506,023
New conventional · ends Dec 2056$490,557