Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$388/mo
Lowest payment- Down payment
- $350,323
- Funds due
- $360,534
- Interest + MI left
- $24,739
- First ends
- Mar 2053
Assumption
Assumption + second
$2,630/mo
+$2,242/mo- Down payment
- $37,323
- Funds due
- $48,850
- Interest + MI left
- $518,992
- First ends
- Mar 2053
New loan
New conventional
$2,614/mo
+$2,226/mo- Down payment
- $37,323
- Funds due
- $45,425
- Interest + MI left
- $504,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,676 | $19,676 | $332,676 |
| Second mortgage | — | $313,000 | — |
| First P&I | $134.47 | $134.47 | $2,303.38 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | $9.21 | $9.21 | $66.54 |
| Taxes, insurance & HOA | $244.17 | $244.17 | $244.17 |
| Total housing payment | $387.85 | $2,630.22 | $2,614.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,323
Closing costs & prepaids$11,528
Usable credit−$0
Total buyer cash needed$48,850
Earnest money paid−$0
Remaining funds due$48,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$282.50
Prepaid interest, first (1 days)$3.69
Prepaid interest, second (1 days)$66.46
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 4 moOf the original 28-year loan at 6.840%
Interest already paid$2,269Through Nov 2026
Assumption only · ends Mar 2053$24,739
Assumption + second · ends Mar 2053, second Dec 2056$518,992
New conventional · ends Dec 2056$504,526