Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$592/mo
Lowest payment- Down payment
- $368,219
- Funds due
- $379,265
- Interest + MI left
- $18,577
- First ends
- Apr 2052
Assumption
Assumption + second
$2,942/mo
+$2,350/mo- Down payment
- $40,219
- Funds due
- $53,142
- Interest + MI left
- $536,516
- First ends
- Apr 2052
New loan
New conventional
$2,925/mo
+$2,333/mo- Down payment
- $40,219
- Funds due
- $49,676
- Interest + MI left
- $525,913
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,681 | $31,681 | $359,681 |
| Second mortgage | — | $328,000 | — |
| First P&I | $150.73 | $150.73 | $2,436.60 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | $24.97 | $24.97 | $71.94 |
| Taxes, insurance & HOA | $416.00 | $416.00 | $416.00 |
| Total housing payment | $591.70 | $2,941.54 | $2,924.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,219
Closing costs & prepaids$12,923
Usable credit−$0
Total buyer cash needed$53,142
Earnest money paid−$0
Remaining funds due$53,142
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$24.29
Prepaid interest, second (9 days)$626.79
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 4 moOf the original 30-year loan at 3.11%
Interest already paid$4,868Through Dec 2026
Assumption only · ends Apr 2052$18,577
Assumption + second · ends Apr 2052, second Jan 2057$536,516
New conventional · ends Jan 2057$525,913