Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$338/mo
Lowest payment- Down payment
- $407,676
- Funds due
- $418,461
- Interest + MI left
- $7,673
- First ends
- Jul 2051
Assumption
Assumption + second
$2,960/mo
+$2,622/mo- Down payment
- $41,676
- Funds due
- $53,789
- Interest + MI left
- $585,617
- First ends
- Jul 2051
New loan
New conventional
$2,946/mo
+$2,608/mo- Down payment
- $41,676
- Funds due
- $50,318
- Interest + MI left
- $566,171
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,324 | $7,324 | $373,324 |
| Second mortgage | — | $366,000 | — |
| First P&I | $48.49 | $48.49 | $2,584.82 |
| Second P&I | — | $2,622.07 | — |
| Mortgage insurance | $3.38 | $3.38 | $74.66 |
| Taxes, insurance & HOA | $286.08 | $286.08 | $286.08 |
| Total housing payment | $337.95 | $2,960.02 | $2,945.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,676
Closing costs & prepaids$12,112
Usable credit−$0
Total buyer cash needed$53,789
Earnest money paid−$0
Remaining funds due$53,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$408.25
Prepaid interest, first (1 days)$1.25
Prepaid interest, second (1 days)$77.71
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 closing24 yr 8 moOf the original 25-year loan at 6.230%
Interest already paid$153Through Nov 2026
Assumption only · ends Jul 2051$7,673
Assumption + second · ends Jul 2051, second Dec 2056$585,617
New conventional · ends Dec 2056$566,171