Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$573/mo
Lowest payment- Down payment
- $336,474
- Funds due
- $347,122
- Interest + MI left
- $22,898
- First ends
- Jun 2053
Assumption
Assumption + second
$2,722/mo
+$2,149/mo- Down payment
- $36,474
- Funds due
- $48,435
- Interest + MI left
- $496,623
- First ends
- Jun 2053
New loan
New conventional
$2,709/mo
+$2,136/mo- Down payment
- $36,474
- Funds due
- $45,018
- Interest + MI left
- $482,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,526 | $18,526 | $318,526 |
| Second mortgage | — | $300,000 | — |
| First P&I | $124.16 | $124.16 | $2,205.41 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $8.65 | $8.65 | $63.71 |
| Taxes, insurance & HOA | $439.83 | $439.83 | $439.83 |
| Total housing payment | $572.64 | $2,721.88 | $2,708.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,474
Closing costs & prepaids$11,962
Usable credit−$0
Total buyer cash needed$48,435
Earnest money paid−$0
Remaining funds due$48,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$368.50
Initial HOA (3 months)$501.00
Prepaid interest, first (1 days)$3.39
Prepaid interest, second (1 days)$63.70
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 closing26 yr 7 moOf the original 28-year loan at 6.670%
Interest already paid$1,768Through Nov 2026
Assumption only · ends Jun 2053$22,898
Assumption + second · ends Jun 2053, second Dec 2056$496,623
New conventional · ends Dec 2056$482,939