Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$479/mo
Lowest payment- Down payment
- $451,703
- Funds due
- $463,488
- Interest + MI left
- $16,345
- First ends
- Nov 2052
Assumption
Assumption + second
$3,381/mo
+$2,901/mo- Down payment
- $46,703
- Funds due
- $60,254
- Interest + MI left
- $655,874
- First ends
- Nov 2052
New loan
New conventional
$3,299/mo
+$2,820/mo- Down payment
- $46,703
- Funds due
- $56,700
- Interest + MI left
- $611,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,297 | $13,297 | $418,297 |
| Second mortgage | — | $405,000 | — |
| First P&I | $91.14 | $91.14 | $2,833.69 |
| Second P&I | — | $2,901.47 | — |
| Mortgage insurance | $6.33 | $6.33 | $83.66 |
| Taxes, insurance & HOA | $381.84 | $381.84 | $381.84 |
| Total housing payment | $479.31 | $3,380.78 | $3,299.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,703
Closing costs & prepaids$13,551
Usable credit−$0
Total buyer cash needed$60,254
Earnest money paid−$0
Remaining funds due$60,254
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)$87.51
Prepaid interest, first (6 days)$14.89
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$2,850Through Dec 2026
Assumption only · ends Nov 2052$16,345
Assumption + second · ends Nov 2052, second Jan 2057$655,874
New conventional · ends Jan 2057$611,619