Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$492/mo
Lowest payment- Down payment
- $414,079
- Funds due
- $425,286
- Interest + MI left
- $20,198
- First ends
- May 2053
Assumption
Assumption + second
$3,150/mo
+$2,658/mo- Down payment
- $43,079
- Funds due
- $55,615
- Interest + MI left
- $606,038
- First ends
- May 2053
New loan
New conventional
$3,133/mo
+$2,640/mo- Down payment
- $43,079
- Funds due
- $52,131
- Interest + MI left
- $586,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,921 | $15,921 | $386,921 |
| Second mortgage | — | $371,000 | — |
| First P&I | $108.66 | $108.66 | $2,678.96 |
| Second P&I | — | $2,657.89 | — |
| Mortgage insurance | $7.44 | $7.44 | $77.38 |
| Taxes, insurance & HOA | $376.33 | $376.33 | $376.33 |
| Total housing payment | $492.43 | $3,150.32 | $3,132.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,079
Closing costs & prepaids$12,536
Usable credit−$0
Total buyer cash needed$55,615
Earnest money paid−$0
Remaining funds due$55,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$361.00
Initial HOA (3 months)$318.00
Prepaid interest, first (1 days)$2.99
Prepaid interest, second (1 days)$78.77
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 closing26 yr 6 moOf the original 28-year loan at 6.850%
Interest already paid$1,653Through Nov 2026
Assumption only · ends May 2053$20,198
Assumption + second · ends May 2053, second Dec 2056$606,038
New conventional · ends Dec 2056$586,792