Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$456/mo
Lowest payment- Down payment
- $325,619
- Funds due
- $335,791
- Interest + MI left
- $20,229
- First ends
- Aug 2050
Assumption
Assumption + second
$2,541/mo
+$2,085/mo- Down payment
- $34,619
- Funds due
- $46,102
- Interest + MI left
- $479,742
- First ends
- Aug 2050
New loan
New conventional
$2,521/mo
+$2,065/mo- Down payment
- $34,619
- Funds due
- $42,703
- Interest + MI left
- $469,045
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,281 | $18,281 | $309,281 |
| Second mortgage | — | $291,000 | — |
| First P&I | $129.57 | $129.57 | $2,141.40 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | $8.55 | $8.55 | $61.86 |
| Taxes, insurance & HOA | $317.92 | $317.92 | $317.92 |
| Total housing payment | $456.03 | $2,540.79 | $2,521.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,619
Closing costs & prepaids$11,483
Usable credit−$0
Total buyer cash needed$46,102
Earnest money paid−$0
Remaining funds due$46,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,439.00
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)$308.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$3.41
Prepaid interest, second (1 days)$61.79
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 closing23 yr 9 moOf the original 25-year loan at 6.810%
Interest already paid$1,573Through Nov 2026
Assumption only · ends Aug 2050$20,229
Assumption + second · ends Aug 2050, second Dec 2056$479,742
New conventional · ends Dec 2056$469,045