Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$480/mo
Lowest payment- Down payment
- $332,734
- Funds due
- $343,229
- Interest + MI left
- $3,776
- First ends
- Oct 2050
Assumption
Assumption + second
$2,615/mo
+$2,135/mo- Down payment
- $34,734
- Funds due
- $46,795
- Interest + MI left
- $474,343
- First ends
- Oct 2050
New loan
New conventional
$2,568/mo
+$2,088/mo- Down payment
- $34,734
- Funds due
- $43,379
- Interest + MI left
- $446,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,266 | $7,266 | $305,266 |
| Second mortgage | — | $298,000 | — |
| First P&I | $35.22 | $35.22 | $2,067.98 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $5.87 | $5.87 | $61.05 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $480.09 | $2,614.99 | $2,568.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,734
Closing costs & prepaids$12,061
Usable credit−$0
Total buyer cash needed$46,795
Earnest money paid−$0
Remaining funds due$46,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$867.00
Prepaid interest, first (5 days)$2.89
Prepaid interest, second (5 days)$316.37
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 closing23 yr 10 moOf the original 29-year loan at 2.9%
Interest already paid$1,168Through Dec 2026
Assumption only · ends Oct 2050$3,776
Assumption + second · ends Oct 2050, second Jan 2057$474,343
New conventional · ends Jan 2057$446,288