Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$399/mo
Lowest payment- Down payment
- $403,776
- Funds due
- $414,551
- Interest + MI left
- $23,766
- First ends
- Apr 2052
Assumption
Assumption + second
$2,985/mo
+$2,586/mo- Down payment
- $42,776
- Funds due
- $54,955
- Interest + MI left
- $593,815
- First ends
- Apr 2052
New loan
New conventional
$2,974/mo
+$2,575/mo- Down payment
- $42,776
- Funds due
- $51,472
- Interest + MI left
- $581,033
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,124 | $22,124 | $383,124 |
| Second mortgage | — | $361,000 | — |
| First P&I | $143.59 | $143.59 | $2,652.67 |
| Second P&I | — | $2,586.25 | — |
| Mortgage insurance | $10.67 | $10.67 | $76.62 |
| Taxes, insurance & HOA | $244.75 | $244.75 | $244.75 |
| Total housing payment | $399.01 | $2,985.26 | $2,974.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,776
Closing costs & prepaids$12,179
Usable credit−$0
Total buyer cash needed$54,955
Earnest money paid−$0
Remaining funds due$54,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,259.00
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)$284.25
Prepaid interest, first (2 days)$7.46
Prepaid interest, second (2 days)$153.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 29-year loan at 6.150%
Interest already paid$5,011Through Nov 2026
Assumption only · ends Apr 2052$23,766
Assumption + second · ends Apr 2052, second Dec 2056$593,815
New conventional · ends Dec 2056$581,033