Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$732/mo
Lowest payment- Down payment
- $419,854
- Funds due
- $431,919
- Interest + MI left
- $10,314
- First ends
- Nov 2051
Assumption
Assumption + second
$3,426/mo
+$2,694/mo- Down payment
- $43,854
- Funds due
- $57,249
- Interest + MI left
- $604,049
- First ends
- Nov 2051
New loan
New conventional
$3,410/mo
+$2,677/mo- Down payment
- $43,854
- Funds due
- $53,757
- Interest + MI left
- $584,023
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,146 | $9,146 | $385,146 |
| Second mortgage | — | $376,000 | — |
| First P&I | $62.10 | $62.10 | $2,666.67 |
| Second P&I | — | $2,693.71 | — |
| Mortgage insurance | $4.26 | $4.26 | $77.03 |
| Taxes, insurance & HOA | $666.08 | $666.08 | $666.08 |
| Total housing payment | $732.44 | $3,426.15 | $3,409.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,854
Closing costs & prepaids$13,395
Usable credit−$0
Total buyer cash needed$57,249
Earnest money paid−$0
Remaining funds due$57,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$513.25
Initial HOA (3 months)$1,035.00
Prepaid interest, first (1 days)$1.64
Prepaid interest, second (1 days)$79.84
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 yrOf the original 26-year loan at 6.560%
Interest already paid$605Through Nov 2026
Assumption only · ends Nov 2051$10,314
Assumption + second · ends Nov 2051, second Dec 2056$604,049
New conventional · ends Dec 2056$584,023