Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$743/mo
Lowest payment- Down payment
- $357,907
- Funds due
- $369,427
- Interest + MI left
- $3,034
- First ends
- Nov 2046
Assumption
Assumption + second
$3,042/mo
+$2,300/mo- Down payment
- $36,907
- Funds due
- $49,813
- Interest + MI left
- $509,920
- First ends
- Nov 2046
New loan
New conventional
$3,035/mo
+$2,292/mo- Down payment
- $36,907
- Funds due
- $46,390
- Interest + MI left
- $497,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,993 | $6,993 | $327,993 |
| Second mortgage | — | $321,000 | — |
| First P&I | $38.37 | $38.37 | $2,270.96 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | $5.96 | $5.96 | $65.60 |
| Taxes, insurance & HOA | $698.42 | $698.42 | $698.42 |
| Total housing payment | $742.75 | $3,042.43 | $3,034.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,907
Closing costs & prepaids$12,907
Usable credit−$0
Total buyer cash needed$49,813
Earnest money paid−$0
Remaining funds due$49,813
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$751.25
Initial HOA (3 months)$894.00
Prepaid interest, first (2 days)$1.10
Prepaid interest, second (2 days)$136.32
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 yrOf the original 26-year loan at 2.880%
Interest already paid$1,337Through Nov 2026
Assumption only · ends Nov 2046$3,034
Assumption + second · ends Nov 2046, second Dec 2056$509,920
New conventional · ends Dec 2056$497,358