Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$521/mo
Lowest payment- Down payment
- $354,748
- Funds due
- $365,505
- Interest + MI left
- $10,759
- First ends
- Sep 2049
Assumption
Assumption + second
$2,800/mo
+$2,278/mo- Down payment
- $36,748
- Funds due
- $48,822
- Interest + MI left
- $512,908
- First ends
- Sep 2049
New loan
New conventional
$2,781/mo
+$2,260/mo- Down payment
- $36,748
- Funds due
- $45,401
- Interest + MI left
- $497,816
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,252 | $10,252 | $328,252 |
| Second mortgage | — | $318,000 | — |
| First P&I | $73.59 | $73.59 | $2,272.75 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | $4.80 | $4.80 | $65.65 |
| Taxes, insurance & HOA | $443.08 | $443.08 | $443.08 |
| Total housing payment | $521.47 | $2,799.66 | $2,781.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,748
Closing costs & prepaids$12,074
Usable credit−$0
Total buyer cash needed$48,822
Earnest money paid−$0
Remaining funds due$48,822
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)$555.25
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$1.90
Prepaid interest, second (1 days)$67.52
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 closing22 yr 10 moOf the original 24-year loan at 6.770%
Interest already paid$819Through Nov 2026
Assumption only · ends Sep 2049$10,759
Assumption + second · ends Sep 2049, second Dec 2056$512,908
New conventional · ends Dec 2056$497,816