Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$721/mo
Lowest payment- Down payment
- $398,967
- Funds due
- $410,701
- Interest + MI left
- $38,587
- First ends
- Feb 2052
Assumption
Assumption + second
$3,243/mo
+$2,522/mo- Down payment
- $46,967
- Funds due
- $60,624
- Interest + MI left
- $594,425
- First ends
- Feb 2052
New loan
New conventional
$3,268/mo
+$2,547/mo- Down payment
- $46,967
- Funds due
- $57,120
- Interest + MI left
- $611,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,033 | $66,033 | $418,033 |
| Second mortgage | — | $352,000 | — |
| First P&I | $315.88 | $315.88 | $2,831.90 |
| Second P&I | — | $2,521.77 | — |
| Mortgage insurance | $52.27 | $52.27 | $83.61 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $720.82 | $3,242.59 | $3,268.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,967
Closing costs & prepaids$13,656
Usable credit−$0
Total buyer cash needed$60,624
Earnest money paid−$0
Remaining funds due$60,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Prepaid interest, first (9 days)$50.80
Prepaid interest, second (9 days)$672.66
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 2 moOf the original 30-year loan at 3.12%
Interest already paid$10,567Through Dec 2026
Assumption only · ends Feb 2052$38,587
Assumption + second · ends Feb 2052, second Jan 2057$594,425
New conventional · ends Jan 2057$611,233