Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$371/mo
Lowest payment- Down payment
- $323,815
- Funds due
- $333,810
- Interest + MI left
- $11,848
- First ends
- Sep 2050
Assumption
Assumption + second
$2,449/mo
+$2,078/mo- Down payment
- $33,815
- Funds due
- $45,121
- Interest + MI left
- $469,782
- First ends
- Sep 2050
New loan
New conventional
$2,435/mo
+$2,063/mo- Down payment
- $33,815
- Funds due
- $41,730
- Interest + MI left
- $456,767
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,185 | $11,185 | $301,185 |
| Second mortgage | — | $290,000 | — |
| First P&I | $77.22 | $77.22 | $2,085.34 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | $5.14 | $5.14 | $60.24 |
| Taxes, insurance & HOA | $289.08 | $289.08 | $289.08 |
| Total housing payment | $371.44 | $2,449.04 | $2,434.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,815
Closing costs & prepaids$11,306
Usable credit−$0
Total buyer cash needed$45,121
Earnest money paid−$0
Remaining funds due$45,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$237.25
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$2.00
Prepaid interest, second (1 days)$61.58
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 closing23 yr 10 moOf the original 24-year loan at 6.530%
Interest already paid$122Through Nov 2026
Assumption only · ends Sep 2050$11,848
Assumption + second · ends Sep 2050, second Dec 2056$469,782
New conventional · ends Dec 2056$456,767