Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$386/mo
Lowest payment- Down payment
- $459,792
- Funds due
- $471,477
- Interest + MI left
- $2,264
- First ends
- Nov 2046
Assumption
Assumption + second
$3,345/mo
+$2,959/mo- Down payment
- $46,792
- Funds due
- $60,254
- Interest + MI left
- $654,425
- First ends
- Nov 2046
New loan
New conventional
$3,269/mo
+$2,884/mo- Down payment
- $46,792
- Funds due
- $56,701
- Interest + MI left
- $611,489
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,208 | $5,208 | $418,208 |
| Second mortgage | — | $413,000 | — |
| First P&I | $28.71 | $28.71 | $2,833.09 |
| Second P&I | — | $2,958.78 | — |
| Mortgage insurance | $4.45 | $4.45 | $83.64 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $385.83 | $3,344.61 | $3,269.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,792
Closing costs & prepaids$13,462
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
Prepaid interest, first (6 days)$2.48
Prepaid interest, second (6 days)$526.15
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 closing19 yr 11 moOf the original 26-year loan at 2.9%
Interest already paid$1,018Through Dec 2026
Assumption only · ends Nov 2046$2,264
Assumption + second · ends Nov 2046, second Jan 2057$654,425
New conventional · ends Jan 2057$611,489