Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$264/mo
Lowest payment- Down payment
- $355,098
- Funds due
- $365,098
- Interest + MI left
- $11,310
- First ends
- Sep 2051
Assumption
Assumption + second
$2,542/mo
+$2,278/mo- Down payment
- $37,098
- Funds due
- $48,415
- Interest + MI left
- $513,459
- First ends
- Sep 2051
New loan
New conventional
$2,527/mo
+$2,263/mo- Down payment
- $37,098
- Funds due
- $44,991
- Interest + MI left
- $497,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,902 | $9,902 | $327,902 |
| Second mortgage | — | $318,000 | — |
| First P&I | $68.09 | $68.09 | $2,270.33 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | $4.74 | $4.74 | $65.58 |
| Taxes, insurance & HOA | $191.00 | $191.00 | $191.00 |
| Total housing payment | $263.83 | $2,542.03 | $2,526.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,098
Closing costs & prepaids$11,317
Usable credit−$0
Total buyer cash needed$48,415
Earnest money paid−$0
Remaining funds due$48,415
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)$123.00
Prepaid interest, first (1 days)$1.81
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 closing24 yr 10 moOf the original 28-year loan at 6.670%
Interest already paid$2,141Through Nov 2026
Assumption only · ends Sep 2051$11,310
Assumption + second · ends Sep 2051, second Dec 2056$513,459
New conventional · ends Dec 2056$497,220