Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$406/mo
Lowest payment- Down payment
- $382,864
- Funds due
- $393,585
- Interest + MI left
- $9,351
- First ends
- Feb 2052
Assumption
Assumption + second
$2,856/mo
+$2,450/mo- Down payment
- $40,864
- Funds due
- $53,271
- Interest + MI left
- $549,398
- First ends
- Feb 2052
New loan
New conventional
$2,814/mo
+$2,408/mo- Down payment
- $40,864
- Funds due
- $49,791
- Interest + MI left
- $523,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,136 | $16,136 | $358,136 |
| Second mortgage | — | $342,000 | — |
| First P&I | $76.94 | $76.94 | $2,426.14 |
| Second P&I | — | $2,450.13 | — |
| Mortgage insurance | $12.78 | $12.78 | $71.63 |
| Taxes, insurance & HOA | $315.83 | $315.83 | $315.83 |
| Total housing payment | $405.55 | $2,855.68 | $2,813.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,864
Closing costs & prepaids$12,406
Usable credit−$0
Total buyer cash needed$53,271
Earnest money paid−$0
Remaining funds due$53,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$18.75
Prepaid interest, first (6 days)$8.20
Prepaid interest, second (6 days)$435.70
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 2 moOf the original 30-year loan at 3.09%
Interest already paid$2,558Through Dec 2026
Assumption only · ends Feb 2052$9,351
Assumption + second · ends Feb 2052, second Jan 2057$549,398
New conventional · ends Jan 2057$523,582