Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$487/mo
Lowest payment- Down payment
- $438,643
- Funds due
- $450,269
- Interest + MI left
- $27,023
- First ends
- Sep 2055
Assumption
Assumption + second
$3,296/mo
+$2,808/mo- Down payment
- $46,643
- Funds due
- $60,019
- Interest + MI left
- $646,024
- First ends
- Sep 2055
New loan
New conventional
$3,219/mo
+$2,732/mo- Down payment
- $46,643
- Funds due
- $56,467
- Interest + MI left
- $601,390
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,357 | $19,357 | $411,357 |
| Second mortgage | — | $392,000 | — |
| First P&I | $128.40 | $128.40 | $2,786.68 |
| Second P&I | — | $2,808.34 | — |
| Mortgage insurance | $8.99 | $8.99 | $82.27 |
| Taxes, insurance & HOA | $349.83 | $349.83 | $349.83 |
| Total housing payment | $487.23 | $3,295.56 | $3,218.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,643
Closing costs & prepaids$13,376
Usable credit−$0
Total buyer cash needed$60,019
Earnest money paid−$0
Remaining funds due$60,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,580.00
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)$549.50
Prepaid interest, first (6 days)$21.76
Prepaid interest, second (6 days)$499.40
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 closing28 yr 9 moOf the original 30-year loan at 6.84%
Interest already paid$1,667Through Dec 2026
Assumption only · ends Sep 2055$27,023
Assumption + second · ends Sep 2055, second Jan 2057$646,024
New conventional · ends Jan 2057$601,390