Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$475/mo
Lowest payment- Down payment
- $403,806
- Funds due
- $414,834
- Interest + MI left
- $23,645
- First ends
- Apr 2052
Assumption
Assumption + second
$3,061/mo
+$2,586/mo- Down payment
- $42,806
- Funds due
- $55,774
- Interest + MI left
- $593,694
- First ends
- Apr 2052
New loan
New conventional
$2,992/mo
+$2,518/mo- Down payment
- $42,806
- Funds due
- $52,251
- Interest + MI left
- $560,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,094 | $22,094 | $383,094 |
| Second mortgage | — | $361,000 | — |
| First P&I | $143.59 | $143.59 | $2,595.21 |
| Second P&I | — | $2,586.25 | — |
| Mortgage insurance | $10.67 | $10.67 | $76.62 |
| Taxes, insurance & HOA | $320.33 | $320.33 | $320.33 |
| Total housing payment | $474.59 | $3,060.84 | $2,992.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,806
Closing costs & prepaids$12,968
Usable credit−$0
Total buyer cash needed$55,774
Earnest money paid−$0
Remaining funds due$55,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,259.00
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)$511.00
Prepaid interest, first (9 days)$33.50
Prepaid interest, second (9 days)$689.86
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 29-year loan at 6.15%
Interest already paid$5,125Through Dec 2026
Assumption only · ends Apr 2052$23,645
Assumption + second · ends Apr 2052, second Jan 2057$593,694
New conventional · ends Jan 2057$560,147