Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$414/mo
Lowest payment- Down payment
- $336,883
- Funds due
- $347,181
- Interest + MI left
- $9,357
- First ends
- Jul 2051
Assumption
Assumption + second
$2,577/mo
+$2,164/mo- Down payment
- $34,883
- Funds due
- $47,009
- Interest + MI left
- $486,241
- First ends
- Jul 2051
New loan
New conventional
$2,516/mo
+$2,102/mo- Down payment
- $34,883
- Funds due
- $43,568
- Interest + MI left
- $453,442
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,117 | $8,117 | $310,117 |
| Second mortgage | — | $302,000 | — |
| First P&I | $56.76 | $56.76 | $2,100.84 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $3.80 | $3.80 | $62.02 |
| Taxes, insurance & HOA | $353.33 | $353.33 | $353.33 |
| Total housing payment | $413.89 | $2,577.45 | $2,516.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,883
Closing costs & prepaids$12,126
Usable credit−$0
Total buyer cash needed$47,009
Earnest money paid−$0
Remaining funds due$47,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$195.99
Prepaid interest, first (9 days)$13.63
Prepaid interest, second (9 days)$577.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 26-year loan at 6.81%
Interest already paid$792Through Dec 2026
Assumption only · ends Jul 2051$9,357
Assumption + second · ends Jul 2051, second Jan 2057$486,241
New conventional · ends Jan 2057$453,442