Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$379/mo
Lowest payment- Down payment
- $443,421
- Funds due
- $454,694
- Interest + MI left
- $7,659
- First ends
- Apr 2051
Assumption
Assumption + second
$3,231/mo
+$2,851/mo- Down payment
- $45,421
- Funds due
- $58,536
- Interest + MI left
- $636,134
- First ends
- Apr 2051
New loan
New conventional
$3,151/mo
+$2,772/mo- Down payment
- $45,421
- Funds due
- $54,988
- Interest + MI left
- $591,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,479 | $6,479 | $404,479 |
| Second mortgage | — | $398,000 | — |
| First P&I | $46.42 | $46.42 | $2,740.08 |
| Second P&I | — | $2,851.32 | — |
| Mortgage insurance | $3.04 | $3.04 | $80.90 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $379.46 | $3,230.78 | $3,150.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,421
Closing costs & prepaids$13,114
Usable credit−$0
Total buyer cash needed$58,536
Earnest money paid−$0
Remaining funds due$58,536
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Prepaid interest, first (7 days)$8.75
Prepaid interest, second (7 days)$591.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing24 yr 4 moOf the original 26-year loan at 7.04%
Interest already paid$770Through Dec 2026
Assumption only · ends Apr 2051$7,659
Assumption + second · ends Apr 2051, second Jan 2057$636,134
New conventional · ends Jan 2057$591,415