Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$462/mo
Lowest payment- Down payment
- $400,115
- Funds due
- $411,092
- Interest + MI left
- $19,689
- First ends
- Jan 2052
Assumption
Assumption + second
$3,027/mo
+$2,565/mo- Down payment
- $42,115
- Funds due
- $54,798
- Interest + MI left
- $585,001
- First ends
- Jan 2052
New loan
New conventional
$2,959/mo
+$2,497/mo- Down payment
- $42,115
- Funds due
- $51,296
- Interest + MI left
- $551,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,885 | $18,885 | $376,885 |
| Second mortgage | — | $358,000 | — |
| First P&I | $122.43 | $122.43 | $2,553.15 |
| Second P&I | — | $2,564.76 | — |
| Mortgage insurance | $8.92 | $8.92 | $75.38 |
| Taxes, insurance & HOA | $330.91 | $330.91 | $330.91 |
| Total housing payment | $462.26 | $3,027.02 | $2,959.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,115
Closing costs & prepaids$12,683
Usable credit−$0
Total buyer cash needed$54,798
Earnest money paid−$0
Remaining funds due$54,798
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$18.87
Prepaid interest, second (6 days)$456.08
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 1 moOf the original 27-year loan at 6.08%
Interest already paid$2,237Through Dec 2026
Assumption only · ends Jan 2052$19,689
Assumption + second · ends Jan 2052, second Jan 2057$585,001
New conventional · ends Jan 2057$551,068