Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$367/mo
Lowest payment- Down payment
- $405,687
- Funds due
- $416,549
- Interest + MI left
- $7,632
- First ends
- Jul 2051
Assumption
Assumption + second
$2,975/mo
+$2,608/mo- Down payment
- $41,687
- Funds due
- $54,494
- Interest + MI left
- $582,419
- First ends
- Jul 2051
New loan
New conventional
$2,905/mo
+$2,538/mo- Down payment
- $41,687
- Funds due
- $50,978
- Interest + MI left
- $542,921
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,313 | $7,313 | $371,313 |
| Second mortgage | — | $364,000 | — |
| First P&I | $48.49 | $48.49 | $2,515.40 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | $3.38 | $3.38 | $74.26 |
| Taxes, insurance & HOA | $315.17 | $315.17 | $315.17 |
| Total housing payment | $367.04 | $2,974.78 | $2,904.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,687
Closing costs & prepaids$12,807
Usable credit−$0
Total buyer cash needed$54,494
Earnest money paid−$0
Remaining funds due$54,494
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,130.00
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)$495.50
Prepaid interest, first (9 days)$11.23
Prepaid interest, second (9 days)$695.59
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 7 moOf the original 25-year loan at 6.23%
Interest already paid$191Through Dec 2026
Assumption only · ends Jul 2051$7,632
Assumption + second · ends Jul 2051, second Jan 2057$582,419
New conventional · ends Jan 2057$542,921