Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$573/mo
Lowest payment- Down payment
- $331,217
- Funds due
- $341,863
- Interest + MI left
- $16,599
- First ends
- Jul 2052
Assumption
Assumption + second
$2,693/mo
+$2,121/mo- Down payment
- $35,217
- Funds due
- $47,238
- Interest + MI left
- $484,008
- First ends
- Jul 2052
New loan
New conventional
$2,678/mo
+$2,106/mo- Down payment
- $35,217
- Funds due
- $43,831
- Interest + MI left
- $469,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,683 | $13,683 | $309,683 |
| Second mortgage | — | $296,000 | — |
| First P&I | $94.12 | $94.12 | $2,144.18 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | $6.39 | $6.39 | $61.94 |
| Taxes, insurance & HOA | $472.08 | $472.08 | $472.08 |
| Total housing payment | $572.59 | $2,693.17 | $2,678.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,217
Closing costs & prepaids$12,021
Usable credit−$0
Total buyer cash needed$47,238
Earnest money paid−$0
Remaining funds due$47,238
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)$633.25
Initial HOA (3 months)$333.00
Prepaid interest, first (2 days)$5.11
Prepaid interest, second (2 days)$125.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 27-year loan at 6.810%
Interest already paid$1,255Through Nov 2026
Assumption only · ends Jul 2052$16,599
Assumption + second · ends Jul 2052, second Dec 2056$484,008
New conventional · ends Dec 2056$469,593