Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$560/mo
Lowest payment- Down payment
- $375,353
- Funds due
- $386,441
- Interest + MI left
- $5,883
- First ends
- Dec 2046
Assumption
Assumption + second
$2,967/mo
+$2,407/mo- Down payment
- $39,353
- Funds due
- $51,763
- Interest + MI left
- $536,456
- First ends
- Dec 2046
New loan
New conventional
$2,965/mo
+$2,405/mo- Down payment
- $39,353
- Funds due
- $48,318
- Interest + MI left
- $530,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,647 | $13,647 | $349,647 |
| Second mortgage | — | $336,000 | — |
| First P&I | $74.57 | $74.57 | $2,420.89 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | $11.30 | $11.30 | $69.93 |
| Taxes, insurance & HOA | $474.17 | $474.17 | $474.17 |
| Total housing payment | $560.04 | $2,967.18 | $2,964.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,353
Closing costs & prepaids$12,410
Usable credit−$0
Total buyer cash needed$51,763
Earnest money paid−$0
Remaining funds due$51,763
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$972.50
Prepaid interest, first (1 days)$1.07
Prepaid interest, second (1 days)$71.34
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 closing20 yr 1 moOf the original 25-year loan at 2.870%
Interest already paid$2,095Through Nov 2026
Assumption only · ends Dec 2046$5,883
Assumption + second · ends Dec 2046, second Dec 2056$536,456
New conventional · ends Dec 2056$530,193