Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$500/mo
Lowest payment- Down payment
- $425,183
- Funds due
- $436,561
- Interest + MI left
- $15,905
- First ends
- Feb 2052
Assumption
Assumption + second
$3,230/mo
+$2,730/mo- Down payment
- $44,183
- Funds due
- $57,297
- Interest + MI left
- $617,536
- First ends
- Feb 2052
New loan
New conventional
$3,157/mo
+$2,656/mo- Down payment
- $44,183
- Funds due
- $53,771
- Interest + MI left
- $578,750
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,817 | $14,817 | $395,817 |
| Second mortgage | — | $381,000 | — |
| First P&I | $97.29 | $97.29 | $2,681.40 |
| Second P&I | — | $2,729.53 | — |
| Mortgage insurance | $6.88 | $6.88 | $79.16 |
| Taxes, insurance & HOA | $396.00 | $396.00 | $396.00 |
| Total housing payment | $500.17 | $3,229.70 | $3,156.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,183
Closing costs & prepaids$13,114
Usable credit−$0
Total buyer cash needed$57,297
Earnest money paid−$0
Remaining funds due$57,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$15.17
Prepaid interest, second (6 days)$485.38
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 26-year loan at 6.23%
Interest already paid$775Through Dec 2026
Assumption only · ends Feb 2052$15,905
Assumption + second · ends Feb 2052, second Jan 2057$617,536
New conventional · ends Jan 2057$578,750