Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$471/mo
Lowest payment- Down payment
- $452,053
- Funds due
- $463,822
- Interest + MI left
- $15,915
- First ends
- Nov 2052
Assumption
Assumption + second
$3,373/mo
+$2,901/mo- Down payment
- $47,053
- Funds due
- $60,588
- Interest + MI left
- $655,444
- First ends
- Nov 2052
New loan
New conventional
$3,291/mo
+$2,820/mo- Down payment
- $47,053
- Funds due
- $57,030
- Interest + MI left
- $611,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,947 | $12,947 | $417,947 |
| Second mortgage | — | $405,000 | — |
| First P&I | $88.74 | $88.74 | $2,831.32 |
| Second P&I | — | $2,901.47 | — |
| Mortgage insurance | $6.17 | $6.17 | $83.59 |
| Taxes, insurance & HOA | $376.34 | $376.34 | $376.34 |
| Total housing payment | $471.24 | $3,372.71 | $3,291.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,053
Closing costs & prepaids$13,534
Usable credit−$0
Total buyer cash needed$60,588
Earnest money paid−$0
Remaining funds due$60,588
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
Initial HOA (3 months)$71.01
Prepaid interest, first (6 days)$14.49
Prepaid interest, second (6 days)$515.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 29-year loan at 6.81%
Interest already paid$2,775Through Dec 2026
Assumption only · ends Nov 2052$15,915
Assumption + second · ends Nov 2052, second Jan 2057$655,444
New conventional · ends Jan 2057$611,108