Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$555/mo
Lowest payment- Down payment
- $367,850
- Funds due
- $378,852
- Interest + MI left
- $15,410
- First ends
- Oct 2055
Assumption
Assumption + second
$2,912/mo
+$2,357/mo- Down payment
- $38,850
- Funds due
- $51,382
- Interest + MI left
- $534,929
- First ends
- Oct 2055
New loan
New conventional
$2,836/mo
+$2,282/mo- Down payment
- $38,850
- Funds due
- $47,921
- Interest + MI left
- $492,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,150 | $12,150 | $341,150 |
| Second mortgage | — | $329,000 | — |
| First P&I | $75.93 | $75.93 | $2,294.94 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | $5.65 | $5.65 | $68.23 |
| Taxes, insurance & HOA | $473.00 | $473.00 | $473.00 |
| Total housing payment | $554.58 | $2,911.57 | $2,836.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,850
Closing costs & prepaids$12,532
Usable credit−$0
Total buyer cash needed$51,382
Earnest money paid−$0
Remaining funds due$51,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$969.00
Prepaid interest, first (4 days)$8.34
Prepaid interest, second (4 days)$279.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing28 yr 10 moOf the original 30-year loan at 6.26%
Interest already paid$894Through Dec 2026
Assumption only · ends Oct 2055$15,410
Assumption + second · ends Oct 2055, second Jan 2057$534,929
New conventional · ends Jan 2057$492,874