Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$426/mo
Lowest payment- Down payment
- $397,097
- Funds due
- $407,971
- Interest + MI left
- $14,171
- First ends
- Jun 2050
Assumption
Assumption + second
$2,977/mo
+$2,550/mo- Down payment
- $41,097
- Funds due
- $53,674
- Interest + MI left
- $576,325
- First ends
- Jun 2050
New loan
New conventional
$2,901/mo
+$2,474/mo- Down payment
- $41,097
- Funds due
- $50,181
- Interest + MI left
- $539,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,803 | $12,803 | $368,803 |
| Second mortgage | — | $356,000 | — |
| First P&I | $91.69 | $91.69 | $2,498.40 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | $6.10 | $6.10 | $73.76 |
| Taxes, insurance & HOA | $328.58 | $328.58 | $328.58 |
| Total housing payment | $426.37 | $2,976.80 | $2,900.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,097
Closing costs & prepaids$12,578
Usable credit−$0
Total buyer cash needed$53,674
Earnest money paid−$0
Remaining funds due$53,674
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$43.74
Prepaid interest, first (6 days)$14.48
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 closing23 yr 6 moOf the original 26-year loan at 6.88%
Interest already paid$2,248Through Dec 2026
Assumption only · ends Jun 2050$14,171
Assumption + second · ends Jun 2050, second Jan 2057$576,325
New conventional · ends Jan 2057$539,251