Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$384/mo
Lowest payment- Down payment
- $358,439
- Funds due
- $368,828
- Interest + MI left
- $13,551
- First ends
- Oct 2051
Assumption
Assumption + second
$2,684/mo
+$2,300/mo- Down payment
- $37,439
- Funds due
- $49,691
- Interest + MI left
- $520,436
- First ends
- Oct 2051
New loan
New conventional
$2,617/mo
+$2,233/mo- Down payment
- $37,439
- Funds due
- $46,222
- Interest + MI left
- $486,259
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,561 | $11,561 | $332,561 |
| Second mortgage | — | $321,000 | — |
| First P&I | $80.74 | $80.74 | $2,252.88 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | $5.39 | $5.39 | $66.51 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $384.13 | $2,683.81 | $2,617.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,439
Closing costs & prepaids$12,252
Usable credit−$0
Total buyer cash needed$49,691
Earnest money paid−$0
Remaining funds due$49,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Prepaid interest, first (9 days)$19.50
Prepaid interest, second (9 days)$613.42
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 10 moOf the original 26-year loan at 6.84%
Interest already paid$931Through Dec 2026
Assumption only · ends Oct 2051$13,551
Assumption + second · ends Oct 2051, second Jan 2057$520,436
New conventional · ends Jan 2057$486,259