Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$464/mo
Lowest payment- Down payment
- $332,687
- Funds due
- $343,054
- Interest + MI left
- $14,970
- First ends
- Sep 2052
Assumption
Assumption + second
$2,599/mo
+$2,135/mo- Down payment
- $34,687
- Funds due
- $46,873
- Interest + MI left
- $485,537
- First ends
- Sep 2052
New loan
New conventional
$2,538/mo
+$2,074/mo- Down payment
- $34,687
- Funds due
- $43,435
- Interest + MI left
- $453,583
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,213 | $12,213 | $310,213 |
| Second mortgage | — | $298,000 | — |
| First P&I | $84.22 | $84.22 | $2,101.49 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $5.69 | $5.69 | $62.04 |
| Taxes, insurance & HOA | $374.00 | $374.00 | $374.00 |
| Total housing payment | $463.92 | $2,598.82 | $2,537.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,687
Closing costs & prepaids$12,186
Usable credit−$0
Total buyer cash needed$46,873
Earnest money paid−$0
Remaining funds due$46,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$258.00
Prepaid interest, first (9 days)$20.63
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 9 moOf the original 27-year loan at 6.85%
Interest already paid$1,055Through Dec 2026
Assumption only · ends Sep 2052$14,970
Assumption + second · ends Sep 2052, second Jan 2057$485,537
New conventional · ends Jan 2057$453,583