Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$813/mo
Lowest payment- Down payment
- $396,385
- Funds due
- $408,082
- Interest + MI left
- $56,404
- First ends
- Aug 2052
Assumption
Assumption + second
$3,335/mo
+$2,522/mo- Down payment
- $44,385
- Funds due
- $58,004
- Interest + MI left
- $612,242
- First ends
- Aug 2052
New loan
New conventional
$3,250/mo
+$2,436/mo- Down payment
- $44,385
- Funds due
- $54,465
- Interest + MI left
- $582,110
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,115 | $46,115 | $398,115 |
| Second mortgage | — | $352,000 | — |
| First P&I | $318.69 | $318.69 | $2,696.97 |
| Second P&I | — | $2,521.77 | — |
| Mortgage insurance | $21.52 | $21.52 | $79.62 |
| Taxes, insurance & HOA | $473.00 | $473.00 | $473.00 |
| Total housing payment | $813.21 | $3,334.98 | $3,249.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,385
Closing costs & prepaids$13,620
Usable credit−$0
Total buyer cash needed$58,004
Earnest money paid−$0
Remaining funds due$58,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,425.00
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)$531.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$78.00
Prepaid interest, second (9 days)$672.66
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 8 moOf the original 27-year loan at 6.86%
Interest already paid$4,259Through Dec 2026
Assumption only · ends Aug 2052$56,404
Assumption + second · ends Aug 2052, second Jan 2057$612,242
New conventional · ends Jan 2057$582,110