Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$470/mo
Lowest payment- Down payment
- $395,514
- Funds due
- $406,548
- Interest + MI left
- $6,964
- First ends
- Dec 2048
Assumption
Assumption + second
$3,006/mo
+$2,536/mo- Down payment
- $41,514
- Funds due
- $54,249
- Interest + MI left
- $565,959
- First ends
- Dec 2048
New loan
New conventional
$2,954/mo
+$2,484/mo- Down payment
- $41,514
- Funds due
- $50,761
- Interest + MI left
- $538,787
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,486 | $14,486 | $368,486 |
| Second mortgage | — | $354,000 | — |
| First P&I | $74.29 | $74.29 | $2,496.25 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | $12.10 | $12.10 | $73.70 |
| Taxes, insurance & HOA | $384.00 | $384.00 | $384.00 |
| Total housing payment | $470.39 | $3,006.49 | $2,953.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,514
Closing costs & prepaids$12,735
Usable credit−$0
Total buyer cash needed$54,249
Earnest money paid−$0
Remaining funds due$54,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$6.91
Prepaid interest, second (6 days)$450.99
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 closing22 yrOf the original 28-year loan at 2.9%
Interest already paid$2,756Through Dec 2026
Assumption only · ends Dec 2048$6,964
Assumption + second · ends Dec 2048, second Jan 2057$565,959
New conventional · ends Jan 2057$538,787