Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$565/mo
Lowest payment- Down payment
- $391,305
- Funds due
- $402,592
- Interest + MI left
- $9,557
- First ends
- Nov 2050
Assumption
Assumption + second
$3,080/mo
+$2,515/mo- Down payment
- $40,305
- Funds due
- $53,363
- Interest + MI left
- $563,816
- First ends
- Nov 2050
New loan
New conventional
$3,009/mo
+$2,444/mo- Down payment
- $40,305
- Funds due
- $49,872
- Interest + MI left
- $525,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,695 | $8,695 | $359,695 |
| Second mortgage | — | $351,000 | — |
| First P&I | $60.96 | $60.96 | $2,436.70 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | $4.06 | $4.06 | $71.94 |
| Taxes, insurance & HOA | $500.00 | $500.00 | $500.00 |
| Total housing payment | $565.02 | $3,079.63 | $3,008.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,305
Closing costs & prepaids$13,058
Usable credit−$0
Total buyer cash needed$53,363
Earnest money paid−$0
Remaining funds due$53,363
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$570.00
Prepaid interest, first (7 days)$11.21
Prepaid interest, second (7 days)$521.69
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 closing23 yr 11 moOf the original 25-year loan at 6.72%
Interest already paid$639Through Dec 2026
Assumption only · ends Nov 2050$9,557
Assumption + second · ends Nov 2050, second Jan 2057$563,816
New conventional · ends Jan 2057$525,934