Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$794/mo
Lowest payment- Down payment
- $396,330
- Funds due
- $407,899
- Interest + MI left
- $56,685
- First ends
- Aug 2052
Assumption
Assumption + second
$3,316/mo
+$2,522/mo- Down payment
- $44,330
- Funds due
- $57,224
- Interest + MI left
- $612,523
- First ends
- Aug 2052
New loan
New conventional
$3,290/mo
+$2,496/mo- Down payment
- $44,330
- Funds due
- $53,728
- Interest + MI left
- $603,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,170 | $46,170 | $398,170 |
| Second mortgage | — | $352,000 | — |
| First P&I | $318.69 | $318.69 | $2,756.85 |
| Second P&I | — | $2,521.77 | — |
| Mortgage insurance | $21.52 | $21.52 | $79.63 |
| Taxes, insurance & HOA | $453.58 | $453.58 | $453.58 |
| Total housing payment | $793.79 | $3,315.57 | $3,290.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,330
Closing costs & prepaids$12,894
Usable credit−$0
Total buyer cash needed$57,224
Earnest money paid−$0
Remaining funds due$57,224
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,425.00
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)$472.75
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$8.68
Prepaid interest, second (1 days)$74.74
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 closing25 yr 9 moOf the original 27-year loan at 6.860%
Interest already paid$3,995Through Nov 2026
Assumption only · ends Aug 2052$56,685
Assumption + second · ends Aug 2052, second Dec 2056$612,523
New conventional · ends Dec 2056$603,852