Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$505/mo
Lowest payment- Down payment
- $333,741
- Funds due
- $344,197
- Interest + MI left
- $19,255
- First ends
- Feb 2052
Assumption
Assumption + second
$2,640/mo
+$2,135/mo- Down payment
- $35,741
- Funds due
- $48,017
- Interest + MI left
- $489,822
- First ends
- Feb 2052
New loan
New conventional
$2,576/mo
+$2,071/mo- Down payment
- $35,741
- Funds due
- $44,569
- Interest + MI left
- $459,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,159 | $16,159 | $314,159 |
| Second mortgage | — | $298,000 | — |
| First P&I | $112.28 | $112.28 | $2,128.22 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $7.60 | $7.60 | $62.83 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $504.88 | $2,639.79 | $2,576.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,741
Closing costs & prepaids$12,276
Usable credit−$0
Total buyer cash needed$48,017
Earnest money paid−$0
Remaining funds due$48,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$27.25
Prepaid interest, second (9 days)$569.47
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 closing25 yr 2 moOf the original 27-year loan at 6.84%
Interest already paid$2,054Through Dec 2026
Assumption only · ends Feb 2052$19,255
Assumption + second · ends Feb 2052, second Jan 2057$489,822
New conventional · ends Jan 2057$459,290