Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$304/mo
Lowest payment- Down payment
- $363,424
- Funds due
- $373,605
- Interest + MI left
- $13,621
- First ends
- Oct 2051
Assumption
Assumption + second
$2,632/mo
+$2,328/mo- Down payment
- $38,424
- Funds due
- $49,924
- Interest + MI left
- $526,823
- First ends
- Oct 2051
New loan
New conventional
$2,615/mo
+$2,312/mo- Down payment
- $38,424
- Funds due
- $46,486
- Interest + MI left
- $510,373
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,576 | $11,576 | $336,576 |
| Second mortgage | — | $325,000 | — |
| First P&I | $80.74 | $80.74 | $2,330.38 |
| Second P&I | — | $2,328.34 | — |
| Mortgage insurance | $5.39 | $5.39 | $67.32 |
| Taxes, insurance & HOA | $217.75 | $217.75 | $217.75 |
| Total housing payment | $303.88 | $2,632.22 | $2,615.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,424
Closing costs & prepaids$11,499
Usable credit−$0
Total buyer cash needed$49,924
Earnest money paid−$0
Remaining funds due$49,924
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$203.25
Prepaid interest, first (1 days)$2.17
Prepaid interest, second (1 days)$69.01
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 11 moOf the original 26-year loan at 6.840%
Interest already paid$865Through Nov 2026
Assumption only · ends Oct 2051$13,621
Assumption + second · ends Oct 2051, second Dec 2056$526,823
New conventional · ends Dec 2056$510,373