Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$735/mo
Lowest payment- Down payment
- $418,581
- Funds due
- $430,363
- Interest + MI left
- $36,802
- First ends
- Aug 2051
Assumption
Assumption + second
$3,407/mo
+$2,672/mo- Down payment
- $45,581
- Funds due
- $58,692
- Interest + MI left
- $625,800
- First ends
- Aug 2051
New loan
New conventional
$3,381/mo
+$2,646/mo- Down payment
- $45,581
- Funds due
- $55,183
- Interest + MI left
- $613,248
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,419 | $31,419 | $404,419 |
| Second mortgage | — | $373,000 | — |
| First P&I | $220.10 | $220.10 | $2,800.12 |
| Second P&I | — | $2,672.22 | — |
| Mortgage insurance | $14.67 | $14.67 | $80.88 |
| Taxes, insurance & HOA | $500.17 | $500.17 | $500.17 |
| Total housing payment | $734.93 | $3,407.15 | $3,381.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,581
Closing costs & prepaids$13,111
Usable credit−$0
Total buyer cash needed$58,692
Earnest money paid−$0
Remaining funds due$58,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$750.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$5.90
Prepaid interest, second (1 days)$79.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing24 yr 9 moOf the original 26-year loan at 6.860%
Interest already paid$2,721Through Nov 2026
Assumption only · ends Aug 2051$36,802
Assumption + second · ends Aug 2051, second Dec 2056$625,800
New conventional · ends Dec 2056$613,248