Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$461/mo
Lowest payment- Down payment
- $462,244
- Funds due
- $474,147
- Interest + MI left
- $9,721
- First ends
- Aug 2053
Assumption
Assumption + second
$3,434/mo
+$2,973/mo- Down payment
- $47,244
- Funds due
- $61,190
- Interest + MI left
- $665,041
- First ends
- Aug 2053
New loan
New conventional
$3,353/mo
+$2,892/mo- Down payment
- $47,244
- Funds due
- $57,611
- Interest + MI left
- $617,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,656 | $7,656 | $422,656 |
| Second mortgage | — | $415,000 | — |
| First P&I | $51.94 | $51.94 | $2,863.22 |
| Second P&I | — | $2,973.11 | — |
| Mortgage insurance | $3.57 | $3.57 | $84.53 |
| Taxes, insurance & HOA | $405.67 | $405.67 | $405.67 |
| Total housing payment | $461.18 | $3,434.29 | $3,353.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,244
Closing costs & prepaids$13,947
Usable credit−$0
Total buyer cash needed$61,190
Earnest money paid−$0
Remaining funds due$61,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Initial HOA (3 months)$153.00
Prepaid interest, first (9 days)$12.86
Prepaid interest, second (9 days)$793.05
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 closing26 yr 8 moOf the original 28-year loan at 6.81%
Interest already paid$702Through Dec 2026
Assumption only · ends Aug 2053$9,721
Assumption + second · ends Aug 2053, second Jan 2057$665,041
New conventional · ends Jan 2057$617,993