Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$212/mo
Lowest payment- Down payment
- $326,931
- Funds due
- $336,580
- Interest + MI left
- $3,082
- First ends
- Oct 2051
Assumption
Assumption + second
$2,311/mo
+$2,099/mo- Down payment
- $33,931
- Funds due
- $44,955
- Interest + MI left
- $465,754
- First ends
- Oct 2051
New loan
New conventional
$2,300/mo
+$2,087/mo- Down payment
- $33,931
- Funds due
- $41,560
- Interest + MI left
- $448,739
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,969 | $2,969 | $295,969 |
| Second mortgage | — | $293,000 | — |
| First P&I | $18.81 | $18.81 | $2,049.23 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $2.24 | $2.24 | $59.19 |
| Taxes, insurance & HOA | $191.33 | $191.33 | $191.33 |
| Total housing payment | $212.39 | $2,311.47 | $2,299.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,931
Closing costs & prepaids$11,023
Usable credit−$0
Total buyer cash needed$44,955
Earnest money paid−$0
Remaining funds due$44,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$124.00
Prepaid interest, first (2 days)$0.95
Prepaid interest, second (2 days)$124.42
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 closing24 yr 11 moOf the original 29-year loan at 5.810%
Interest already paid$729Through Nov 2026
Assumption only · ends Oct 2051$3,082
Assumption + second · ends Oct 2051, second Dec 2056$465,754
New conventional · ends Dec 2056$448,739