Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$620/mo
Lowest payment- Down payment
- $359,680
- Funds due
- $370,690
- Interest + MI left
- $19,181
- First ends
- Nov 2049
Assumption
Assumption + second
$2,919/mo
+$2,300/mo- Down payment
- $38,680
- Funds due
- $51,281
- Interest + MI left
- $526,067
- First ends
- Nov 2049
New loan
New conventional
$2,853/mo
+$2,233/mo- Down payment
- $38,680
- Funds due
- $47,822
- Interest + MI left
- $498,852
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,220 | $20,220 | $341,220 |
| Second mortgage | — | $321,000 | — |
| First P&I | $137.16 | $137.16 | $2,311.54 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | $9.63 | $9.63 | $68.24 |
| Taxes, insurance & HOA | $472.92 | $472.92 | $472.92 |
| Total housing payment | $619.71 | $2,919.39 | $2,852.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,680
Closing costs & prepaids$12,601
Usable credit−$0
Total buyer cash needed$51,281
Earnest money paid−$0
Remaining funds due$51,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$968.75
Prepaid interest, first (5 days)$17.01
Prepaid interest, second (5 days)$340.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 11 moOf the original 25-year loan at 6.14%
Interest already paid$2,640Through Dec 2026
Assumption only · ends Nov 2049$19,181
Assumption + second · ends Nov 2049, second Jan 2057$526,067
New conventional · ends Jan 2057$498,852