Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$390/mo
Lowest payment- Down payment
- $341,701
- Funds due
- $351,903
- Interest + MI left
- $8,451
- First ends
- May 2047
Assumption
Assumption + second
$2,575/mo
+$2,185/mo- Down payment
- $36,701
- Funds due
- $48,218
- Interest + MI left
- $490,071
- First ends
- May 2047
New loan
New conventional
$2,578/mo
+$2,188/mo- Down payment
- $36,701
- Funds due
- $44,800
- Interest + MI left
- $490,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,199 | $18,199 | $323,199 |
| Second mortgage | — | $305,000 | — |
| First P&I | $99.59 | $99.59 | $2,237.76 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | $15.18 | $15.18 | $64.64 |
| Taxes, insurance & HOA | $275.42 | $275.42 | $275.42 |
| Total housing payment | $390.19 | $2,575.25 | $2,577.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,701
Closing costs & prepaids$11,517
Usable credit−$0
Total buyer cash needed$48,218
Earnest money paid−$0
Remaining funds due$48,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$376.25
Prepaid interest, first (1 days)$1.52
Prepaid interest, second (1 days)$64.76
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 6 moOf the original 26-year loan at 3.050%
Interest already paid$3,336Through Nov 2026
Assumption only · ends May 2047$8,451
Assumption + second · ends May 2047, second Dec 2056$490,071
New conventional · ends Dec 2056$490,088