Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$690/mo
Lowest payment- Down payment
- $330,887
- Funds due
- $341,704
- Interest + MI left
- $24,750
- First ends
- Dec 2048
Assumption
Assumption + second
$2,796/mo
+$2,106/mo- Down payment
- $36,887
- Funds due
- $49,016
- Interest + MI left
- $489,000
- First ends
- Dec 2048
New loan
New conventional
$2,777/mo
+$2,087/mo- Down payment
- $36,887
- Funds due
- $45,595
- Interest + MI left
- $488,377
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,113 | $28,113 | $322,113 |
| Second mortgage | — | $294,000 | — |
| First P&I | $186.07 | $186.07 | $2,230.25 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $21.51 | $21.51 | $64.42 |
| Taxes, insurance & HOA | $482.33 | $482.33 | $482.33 |
| Total housing payment | $689.91 | $2,796.16 | $2,777.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,887
Closing costs & prepaids$12,129
Usable credit−$0
Total buyer cash needed$49,016
Earnest money paid−$0
Remaining funds due$49,016
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$622.00
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$4.36
Prepaid interest, second (1 days)$62.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing22 yr 1 moOf the original 26-year loan at 5.660%
Interest already paid$6,496Through Nov 2026
Assumption only · ends Dec 2048$24,750
Assumption + second · ends Dec 2048, second Dec 2056$489,000
New conventional · ends Dec 2056$488,377