Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$495/mo
Lowest payment- Down payment
- $332,673
- Funds due
- $343,115
- Interest + MI left
- $15,044
- First ends
- Sep 2052
Assumption
Assumption + second
$2,630/mo
+$2,135/mo- Down payment
- $34,673
- Funds due
- $46,492
- Interest + MI left
- $485,611
- First ends
- Sep 2052
New loan
New conventional
$2,615/mo
+$2,120/mo- Down payment
- $34,673
- Funds due
- $43,090
- Interest + MI left
- $470,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,227 | $12,227 | $310,227 |
| Second mortgage | — | $298,000 | — |
| First P&I | $84.22 | $84.22 | $2,147.95 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $5.69 | $5.69 | $62.05 |
| Taxes, insurance & HOA | $404.75 | $404.75 | $404.75 |
| Total housing payment | $494.67 | $2,629.57 | $2,614.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,673
Closing costs & prepaids$11,819
Usable credit−$0
Total buyer cash needed$46,492
Earnest money paid−$0
Remaining funds due$46,492
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$506.25
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$4.59
Prepaid interest, second (2 days)$126.55
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 closing25 yr 10 moOf the original 27-year loan at 6.850%
Interest already paid$986Through Nov 2026
Assumption only · ends Sep 2052$15,044
Assumption + second · ends Sep 2052, second Dec 2056$485,611
New conventional · ends Dec 2056$470,480