Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$473/mo
Lowest payment- Down payment
- $412,473
- Funds due
- $423,661
- Interest + MI left
- $14,516
- First ends
- Oct 2051
Assumption
Assumption + second
$3,117/mo
+$2,644/mo- Down payment
- $43,473
- Funds due
- $56,616
- Interest + MI left
- $597,198
- First ends
- Oct 2051
New loan
New conventional
$3,042/mo
+$2,568/mo- Down payment
- $43,473
- Funds due
- $53,081
- Interest + MI left
- $557,779
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,527 | $12,527 | $381,527 |
| Second mortgage | — | $369,000 | — |
| First P&I | $86.93 | $86.93 | $2,584.60 |
| Second P&I | — | $2,643.56 | — |
| Mortgage insurance | $5.84 | $5.84 | $76.31 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $473.44 | $3,117.00 | $3,041.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,473
Closing costs & prepaids$13,143
Usable credit−$0
Total buyer cash needed$56,616
Earnest money paid−$0
Remaining funds due$56,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$20.91
Prepaid interest, second (9 days)$705.14
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 10 moOf the original 26-year loan at 6.77%
Interest already paid$999Through Dec 2026
Assumption only · ends Oct 2051$14,516
Assumption + second · ends Oct 2051, second Jan 2057$597,198
New conventional · ends Jan 2057$557,779