Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$799/mo
Lowest payment- Down payment
- $306,419
- Funds due
- $317,551
- Interest + MI left
- $9,487
- First ends
- Mar 2050
Assumption
Assumption + second
$2,762/mo
+$1,963/mo- Down payment
- $32,419
- Funds due
- $45,092
- Interest + MI left
- $442,156
- First ends
- Mar 2050
New loan
New conventional
$2,704/mo
+$1,905/mo- Down payment
- $32,419
- Funds due
- $41,696
- Interest + MI left
- $413,124
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,581 | $8,581 | $282,581 |
| Second mortgage | — | $274,000 | — |
| First P&I | $62.09 | $62.09 | $1,914.30 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $4.10 | $4.10 | $56.52 |
| Taxes, insurance & HOA | $732.75 | $732.75 | $732.75 |
| Total housing payment | $798.95 | $2,761.92 | $2,703.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,419
Closing costs & prepaids$12,672
Usable credit−$0
Total buyer cash needed$45,092
Earnest money paid−$0
Remaining funds due$45,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$803.25
Initial HOA (3 months)$945.00
Prepaid interest, first (5 days)$8.17
Prepaid interest, second (5 days)$290.89
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 3 moOf the original 26-year loan at 6.95%
Interest already paid$1,678Through Dec 2026
Assumption only · ends Mar 2050$9,487
Assumption + second · ends Mar 2050, second Jan 2057$442,156
New conventional · ends Jan 2057$413,124