Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$440/mo
Lowest payment- Down payment
- $422,118
- Funds due
- $433,285
- Interest + MI left
- $15,327
- First ends
- Jun 2052
Assumption
Assumption + second
$3,148/mo
+$2,708/mo- Down payment
- $44,118
- Funds due
- $57,017
- Interest + MI left
- $612,221
- First ends
- Jun 2052
New loan
New conventional
$3,087/mo
+$2,647/mo- Down payment
- $44,118
- Funds due
- $53,497
- Interest + MI left
- $578,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,881 | $17,881 | $395,881 |
| Second mortgage | — | $378,000 | — |
| First P&I | $100.07 | $100.07 | $2,681.84 |
| Second P&I | — | $2,708.04 | — |
| Mortgage insurance | $13.72 | $13.72 | $79.18 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $439.79 | $3,147.83 | $3,087.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,118
Closing costs & prepaids$12,898
Usable credit−$0
Total buyer cash needed$57,017
Earnest money paid−$0
Remaining funds due$57,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.99
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
Prepaid interest, first (6 days)$13.73
Prepaid interest, second (6 days)$481.56
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 6 moOf the original 30-year loan at 4.67%
Interest already paid$3,922Through Dec 2026
Assumption only · ends Jun 2052$15,327
Assumption + second · ends Jun 2052, second Jan 2057$612,221
New conventional · ends Jan 2057$578,843