Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$622/mo
Lowest payment- Down payment
- $315,155
- Funds due
- $325,766
- Interest + MI left
- $18,284
- First ends
- May 2052
Assumption
Assumption + second
$2,642/mo
+$2,020/mo- Down payment
- $33,155
- Funds due
- $45,076
- Interest + MI left
- $463,586
- First ends
- May 2052
New loan
New conventional
$2,626/mo
+$2,004/mo- Down payment
- $33,155
- Funds due
- $41,692
- Interest + MI left
- $450,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,845 | $14,845 | $296,845 |
| Second mortgage | — | $282,000 | — |
| First P&I | $103.69 | $103.69 | $2,055.29 |
| Second P&I | — | $2,020.28 | — |
| Mortgage insurance | $6.94 | $6.94 | $59.37 |
| Taxes, insurance & HOA | $511.00 | $511.00 | $511.00 |
| Total housing payment | $621.63 | $2,641.92 | $2,625.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,155
Closing costs & prepaids$11,921
Usable credit−$0
Total buyer cash needed$45,076
Earnest money paid−$0
Remaining funds due$45,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$573.00
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$2.83
Prepaid interest, second (1 days)$59.88
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 6 moOf the original 27-year loan at 6.950%
Interest already paid$1,564Through Nov 2026
Assumption only · ends May 2052$18,284
Assumption + second · ends May 2052, second Dec 2056$463,586
New conventional · ends Dec 2056$450,185