Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$485/mo
Lowest payment- Down payment
- $416,005
- Funds due
- $427,274
- Interest + MI left
- $13,573
- First ends
- Mar 2052
Assumption
Assumption + second
$3,157/mo
+$2,672/mo- Down payment
- $43,005
- Funds due
- $56,237
- Interest + MI left
- $602,571
- First ends
- Mar 2052
New loan
New conventional
$3,080/mo
+$2,595/mo- Down payment
- $43,005
- Funds due
- $52,705
- Interest + MI left
- $561,464
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,995 | $10,995 | $383,995 |
| Second mortgage | — | $373,000 | — |
| First P&I | $77.64 | $77.64 | $2,601.32 |
| Second P&I | — | $2,672.22 | — |
| Mortgage insurance | $5.22 | $5.22 | $76.80 |
| Taxes, insurance & HOA | $401.83 | $401.83 | $401.83 |
| Total housing payment | $484.69 | $3,156.91 | $3,079.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,005
Closing costs & prepaids$13,232
Usable credit−$0
Total buyer cash needed$56,237
Earnest money paid−$0
Remaining funds due$56,237
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,270.00
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)$512.50
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$19.06
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 closing25 yr 3 moOf the original 28-year loan at 7.03%
Interest already paid$2,166Through Dec 2026
Assumption only · ends Mar 2052$13,573
Assumption + second · ends Mar 2052, second Jan 2057$602,571
New conventional · ends Jan 2057$561,464