Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$600/mo
Lowest payment- Down payment
- $332,591
- Funds due
- $343,214
- Interest + MI left
- $16,474
- First ends
- Oct 2046
Assumption
Assumption + second
$2,728/mo
+$2,128/mo- Down payment
- $35,591
- Funds due
- $47,590
- Interest + MI left
- $485,462
- First ends
- Oct 2046
New loan
New conventional
$2,706/mo
+$2,106/mo- Down payment
- $35,591
- Funds due
- $44,181
- Interest + MI left
- $484,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,409 | $22,409 | $319,409 |
| Second mortgage | — | $297,000 | — |
| First P&I | $151.98 | $151.98 | $2,211.52 |
| Second P&I | — | $2,127.74 | — |
| Mortgage insurance | $17.52 | $17.52 | $63.88 |
| Taxes, insurance & HOA | $430.41 | $430.41 | $430.41 |
| Total housing payment | $599.92 | $2,727.67 | $2,705.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,591
Closing costs & prepaids$11,999
Usable credit−$0
Total buyer cash needed$47,590
Earnest money paid−$0
Remaining funds due$47,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$741.25
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$6.51
Prepaid interest, second (2 days)$126.12
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 closing19 yr 11 moOf the original 24-year loan at 5.300%
Interest already paid$5,116Through Nov 2026
Assumption only · ends Oct 2046$16,474
Assumption + second · ends Oct 2046, second Dec 2056$485,462
New conventional · ends Dec 2056$484,405