Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$429/mo
Lowest payment- Down payment
- $336,872
- Funds due
- $347,204
- Interest + MI left
- $9,406
- First ends
- Jul 2051
Assumption
Assumption + second
$2,593/mo
+$2,164/mo- Down payment
- $34,872
- Funds due
- $46,518
- Interest + MI left
- $486,290
- First ends
- Jul 2051
New loan
New conventional
$2,578/mo
+$2,149/mo- Down payment
- $34,872
- Funds due
- $43,117
- Interest + MI left
- $470,268
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,128 | $8,128 | $310,128 |
| Second mortgage | — | $302,000 | — |
| First P&I | $56.76 | $56.76 | $2,147.26 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $3.80 | $3.80 | $62.03 |
| Taxes, insurance & HOA | $368.50 | $368.50 | $368.50 |
| Total housing payment | $429.05 | $2,592.62 | $2,577.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,872
Closing costs & prepaids$11,646
Usable credit−$0
Total buyer cash needed$46,518
Earnest money paid−$0
Remaining funds due$46,518
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$459.50
Initial HOA (3 months)$195.99
Prepaid interest, first (1 days)$1.52
Prepaid interest, second (1 days)$64.12
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 closing24 yr 8 moOf the original 26-year loan at 6.810%
Interest already paid$746Through Nov 2026
Assumption only · ends Jul 2051$9,406
Assumption + second · ends Jul 2051, second Dec 2056$486,290
New conventional · ends Dec 2056$470,268