Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$483/mo
Lowest payment- Down payment
- $369,326
- Funds due
- $380,069
- Interest + MI left
- $18,315
- First ends
- Nov 2052
Assumption
Assumption + second
$2,847/mo
+$2,364/mo- Down payment
- $39,326
- Funds due
- $51,389
- Interest + MI left
- $539,413
- First ends
- Nov 2052
New loan
New conventional
$2,834/mo
+$2,351/mo- Down payment
- $39,326
- Funds due
- $47,943
- Interest + MI left
- $524,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,674 | $15,674 | $345,674 |
| Second mortgage | — | $330,000 | — |
| First P&I | $104.12 | $104.12 | $2,393.38 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | $7.38 | $7.38 | $69.13 |
| Taxes, insurance & HOA | $371.58 | $371.58 | $371.58 |
| Total housing payment | $483.08 | $2,847.24 | $2,834.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,326
Closing costs & prepaids$12,063
Usable credit−$0
Total buyer cash needed$51,389
Earnest money paid−$0
Remaining funds due$51,389
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$550.75
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$2.79
Prepaid interest, second (1 days)$70.07
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 yrOf the original 28-year loan at 6.490%
Interest already paid$2,064Through Nov 2026
Assumption only · ends Nov 2052$18,315
Assumption + second · ends Nov 2052, second Dec 2056$539,413
New conventional · ends Dec 2056$524,169