Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$665/mo
Lowest payment- Down payment
- $418,622
- Funds due
- $430,240
- Interest + MI left
- $36,611
- First ends
- Aug 2051
Assumption
Assumption + second
$3,337/mo
+$2,672/mo- Down payment
- $45,622
- Funds due
- $59,203
- Interest + MI left
- $625,609
- First ends
- Aug 2051
New loan
New conventional
$3,250/mo
+$2,586/mo- Down payment
- $45,622
- Funds due
- $55,647
- Interest + MI left
- $591,268
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,378 | $31,378 | $404,378 |
| Second mortgage | — | $373,000 | — |
| First P&I | $220.10 | $220.10 | $2,739.40 |
| Second P&I | — | $2,672.22 | — |
| Mortgage insurance | $14.67 | $14.67 | $80.88 |
| Taxes, insurance & HOA | $430.00 | $430.00 | $430.00 |
| Total housing payment | $664.77 | $3,336.98 | $3,250.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,622
Closing costs & prepaids$13,581
Usable credit−$0
Total buyer cash needed$59,203
Earnest money paid−$0
Remaining funds due$59,203
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$53.08
Prepaid interest, second (9 days)$712.79
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 closing24 yr 8 moOf the original 26-year loan at 6.86%
Interest already paid$2,901Through Dec 2026
Assumption only · ends Aug 2051$36,611
Assumption + second · ends Aug 2051, second Jan 2057$625,609
New conventional · ends Jan 2057$591,268