Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$442/mo
Lowest payment- Down payment
- $350,345
- Funds due
- $360,747
- Interest + MI left
- $24,620
- First ends
- Mar 2053
Assumption
Assumption + second
$2,684/mo
+$2,242/mo- Down payment
- $37,345
- Funds due
- $49,595
- Interest + MI left
- $518,873
- First ends
- Mar 2053
New loan
New conventional
$2,618/mo
+$2,176/mo- Down payment
- $37,345
- Funds due
- $46,129
- Interest + MI left
- $486,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,654 | $19,654 | $332,654 |
| Second mortgage | — | $313,000 | — |
| First P&I | $134.47 | $134.47 | $2,253.51 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | $9.21 | $9.21 | $66.53 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $441.68 | $2,684.05 | $2,618.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,345
Closing costs & prepaids$12,250
Usable credit−$0
Total buyer cash needed$49,595
Earnest money paid−$0
Remaining funds due$49,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$444.00
Prepaid interest, first (9 days)$33.15
Prepaid interest, second (9 days)$598.13
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 closing26 yr 3 moOf the original 28-year loan at 6.84%
Interest already paid$2,381Through Dec 2026
Assumption only · ends Mar 2053$24,620
Assumption + second · ends Mar 2053, second Jan 2057$518,873
New conventional · ends Jan 2057$486,395