Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$430/mo
Lowest payment- Down payment
- $397,985
- Funds due
- $408,872
- Interest + MI left
- $10,347
- First ends
- Jul 2046
Assumption
Assumption + second
$2,980/mo
+$2,550/mo- Down payment
- $41,985
- Funds due
- $54,575
- Interest + MI left
- $572,501
- First ends
- Jul 2046
New loan
New conventional
$2,899/mo
+$2,469/mo- Down payment
- $41,985
- Funds due
- $51,073
- Interest + MI left
- $538,025
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,015 | $12,015 | $368,015 |
| Second mortgage | — | $356,000 | — |
| First P&I | $91.57 | $91.57 | $2,493.06 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | $5.69 | $5.69 | $73.60 |
| Taxes, insurance & HOA | $332.75 | $332.75 | $332.75 |
| Total housing payment | $430.01 | $2,980.44 | $2,899.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,985
Closing costs & prepaids$12,590
Usable credit−$0
Total buyer cash needed$54,575
Earnest money paid−$0
Remaining funds due$54,575
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)$56.25
Prepaid interest, first (6 days)$13.13
Prepaid interest, second (6 days)$453.53
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 7 moOf the original 21-year loan at 6.65%
Interest already paid$1,152Through Dec 2026
Assumption only · ends Jul 2046$10,347
Assumption + second · ends Jul 2046, second Jan 2057$572,501
New conventional · ends Jan 2057$538,025