Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$510/mo
Lowest payment- Down payment
- $415,992
- Funds due
- $427,321
- Interest + MI left
- $13,641
- First ends
- Mar 2052
Assumption
Assumption + second
$3,182/mo
+$2,672/mo- Down payment
- $42,992
- Funds due
- $55,650
- Interest + MI left
- $602,640
- First ends
- Mar 2052
New loan
New conventional
$3,163/mo
+$2,653/mo- Down payment
- $42,992
- Funds due
- $52,167
- Interest + MI left
- $582,374
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,008 | $11,008 | $384,008 |
| Second mortgage | — | $373,000 | — |
| First P&I | $77.64 | $77.64 | $2,658.79 |
| Second P&I | — | $2,672.22 | — |
| Mortgage insurance | $5.22 | $5.22 | $76.80 |
| Taxes, insurance & HOA | $427.42 | $427.42 | $427.42 |
| Total housing payment | $510.28 | $3,182.49 | $3,163.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,992
Closing costs & prepaids$12,659
Usable credit−$0
Total buyer cash needed$55,650
Earnest money paid−$0
Remaining funds due$55,650
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,270.00
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)$589.25
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$2.12
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 closing25 yr 4 moOf the original 28-year loan at 7.030%
Interest already paid$2,102Through Nov 2026
Assumption only · ends Mar 2052$13,641
Assumption + second · ends Mar 2052, second Dec 2056$602,640
New conventional · ends Dec 2056$582,374