Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$465/mo
Lowest payment- Down payment
- $372,716
- Funds due
- $383,522
- Interest + MI left
- $8,306
- First ends
- Feb 2051
Assumption
Assumption + second
$2,857/mo
+$2,393/mo- Down payment
- $38,716
- Funds due
- $50,843
- Interest + MI left
- $535,720
- First ends
- Feb 2051
New loan
New conventional
$2,841/mo
+$2,376/mo- Down payment
- $38,716
- Funds due
- $47,403
- Interest + MI left
- $517,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,284 | $7,284 | $341,284 |
| Second mortgage | — | $334,000 | — |
| First P&I | $51.34 | $51.34 | $2,362.98 |
| Second P&I | — | $2,392.82 | — |
| Mortgage insurance | $3.43 | $3.43 | $68.26 |
| Taxes, insurance & HOA | $409.83 | $409.83 | $409.83 |
| Total housing payment | $464.60 | $2,857.42 | $2,841.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,716
Closing costs & prepaids$12,127
Usable credit−$0
Total buyer cash needed$50,843
Earnest money paid−$0
Remaining funds due$50,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$521.50
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$1.37
Prepaid interest, second (1 days)$70.92
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 3 moOf the original 26-year loan at 6.840%
Interest already paid$884Through Nov 2026
Assumption only · ends Feb 2051$8,306
Assumption + second · ends Feb 2051, second Dec 2056$535,720
New conventional · ends Dec 2056$517,512