Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,006/mo
Lowest payment- Down payment
- $432,423
- Funds due
- $445,389
- Interest + MI left
- $14,340
- First ends
- Jun 2051
Assumption
Assumption + second
$3,778/mo
+$2,773/mo- Down payment
- $45,423
- Funds due
- $59,803
- Interest + MI left
- $625,446
- First ends
- Jun 2051
New loan
New conventional
$3,759/mo
+$2,753/mo- Down payment
- $45,423
- Funds due
- $56,293
- Interest + MI left
- $605,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,577 | $12,577 | $399,577 |
| Second mortgage | — | $387,000 | — |
| First P&I | $87.31 | $87.31 | $2,766.59 |
| Second P&I | — | $2,772.52 | — |
| Mortgage insurance | $6.05 | $6.05 | $79.92 |
| Taxes, insurance & HOA | $912.25 | $912.25 | $912.25 |
| Total housing payment | $1,005.60 | $3,778.12 | $3,758.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,423
Closing costs & prepaids$14,381
Usable credit−$0
Total buyer cash needed$59,803
Earnest money paid−$0
Remaining funds due$59,803
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$573.75
Initial HOA (3 months)$1,713.00
Prepaid interest, first (2 days)$4.64
Prepaid interest, second (2 days)$164.34
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 closing24 yr 7 moOf the original 28-year loan at 6.730%
Interest already paid$2,967Through Nov 2026
Assumption only · ends Jun 2051$14,340
Assumption + second · ends Jun 2051, second Dec 2056$625,446
New conventional · ends Dec 2056$605,905