Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$670/mo
Lowest payment- Down payment
- $338,381
- Funds due
- $349,265
- Interest + MI left
- $19,074
- First ends
- Jul 2048
Assumption
Assumption + second
$2,826/mo
+$2,156/mo- Down payment
- $37,381
- Funds due
- $49,834
- Interest + MI left
- $494,379
- First ends
- Jul 2048
New loan
New conventional
$2,784/mo
+$2,114/mo- Down payment
- $37,381
- Funds due
- $46,401
- Interest + MI left
- $486,198
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,519 | $31,519 | $332,519 |
| Second mortgage | — | $301,000 | — |
| First P&I | $180.54 | $180.54 | $2,252.60 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | $25.00 | $25.00 | $66.50 |
| Taxes, insurance & HOA | $464.42 | $464.42 | $464.42 |
| Total housing payment | $669.95 | $2,826.35 | $2,783.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,381
Closing costs & prepaids$12,454
Usable credit−$0
Total buyer cash needed$49,834
Earnest money paid−$0
Remaining funds due$49,834
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$943.25
Prepaid interest, first (5 days)$16.93
Prepaid interest, second (5 days)$319.55
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 closing21 yr 7 moOf the original 26-year loan at 3.92%
Interest already paid$5,799Through Dec 2026
Assumption only · ends Jul 2048$19,074
Assumption + second · ends Jul 2048, second Jan 2057$494,379
New conventional · ends Jan 2057$486,198