Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$445/mo
Lowest payment- Down payment
- $358,027
- Funds due
- $368,603
- Interest + MI left
- $12,919
- First ends
- Apr 2052
Assumption
Assumption + second
$2,744/mo
+$2,300/mo- Down payment
- $37,027
- Funds due
- $49,466
- Interest + MI left
- $519,805
- First ends
- Apr 2052
New loan
New conventional
$2,680/mo
+$2,235/mo- Down payment
- $37,027
- Funds due
- $46,002
- Interest + MI left
- $485,399
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,973 | $10,973 | $331,973 |
| Second mortgage | — | $321,000 | — |
| First P&I | $75.22 | $75.22 | $2,248.90 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | $5.15 | $5.15 | $66.39 |
| Taxes, insurance & HOA | $364.25 | $364.25 | $364.25 |
| Total housing payment | $444.63 | $2,744.31 | $2,679.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,027
Closing costs & prepaids$12,439
Usable credit−$0
Total buyer cash needed$49,466
Earnest money paid−$0
Remaining funds due$49,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$18.18
Prepaid interest, second (9 days)$613.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing25 yr 4 moOf the original 27-year loan at 6.72%
Interest already paid$1,245Through Dec 2026
Assumption only · ends Apr 2052$12,919
Assumption + second · ends Apr 2052, second Jan 2057$519,805
New conventional · ends Jan 2057$485,399