Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$362/mo
Lowest payment- Down payment
- $352,908
- Funds due
- $363,164
- Interest + MI left
- $16,545
- First ends
- Jun 2055
Assumption
Assumption + second
$2,626/mo
+$2,264/mo- Down payment
- $36,908
- Funds due
- $48,481
- Interest + MI left
- $515,536
- First ends
- Jun 2055
New loan
New conventional
$2,614/mo
+$2,252/mo- Down payment
- $36,908
- Funds due
- $45,059
- Interest + MI left
- $497,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,092 | $12,092 | $328,092 |
| Second mortgage | — | $316,000 | — |
| First P&I | $79.73 | $79.73 | $2,271.64 |
| Second P&I | — | $2,263.86 | — |
| Mortgage insurance | $5.63 | $5.63 | $65.62 |
| Taxes, insurance & HOA | $276.33 | $276.33 | $276.33 |
| Total housing payment | $361.69 | $2,625.55 | $2,613.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,908
Closing costs & prepaids$11,573
Usable credit−$0
Total buyer cash needed$48,481
Earnest money paid−$0
Remaining funds due$48,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$379.00
Prepaid interest, first (1 days)$2.24
Prepaid interest, second (1 days)$67.10
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 closing28 yr 7 moOf the original 30-year loan at 6.760%
Interest already paid$1,168Through Nov 2026
Assumption only · ends Jun 2055$16,545
Assumption + second · ends Jun 2055, second Dec 2056$515,536
New conventional · ends Dec 2056$497,508