Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$568/mo
Lowest payment- Down payment
- $403,694
- Funds due
- $415,128
- Interest + MI left
- $7,069
- First ends
- Dec 2049
Assumption
Assumption + second
$3,162/mo
+$2,593/mo- Down payment
- $41,694
- Funds due
- $54,532
- Interest + MI left
- $578,698
- First ends
- Dec 2049
New loan
New conventional
$3,143/mo
+$2,574/mo- Down payment
- $41,694
- Funds due
- $51,058
- Interest + MI left
- $558,487
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,306 | $6,306 | $368,306 |
| Second mortgage | — | $362,000 | — |
| First P&I | $46.32 | $46.32 | $2,550.08 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | $3.02 | $3.02 | $73.66 |
| Taxes, insurance & HOA | $519.00 | $519.00 | $519.00 |
| Total housing payment | $568.34 | $3,161.75 | $3,142.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,694
Closing costs & prepaids$12,838
Usable credit−$0
Total buyer cash needed$54,532
Earnest money paid−$0
Remaining funds due$54,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$570.00
Initial HOA (3 months)$537.00
Prepaid interest, first (2 days)$2.45
Prepaid interest, second (2 days)$153.73
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 closing23 yr 1 moOf the original 26-year loan at 7.090%
Interest already paid$1,335Through Nov 2026
Assumption only · ends Dec 2049$7,069
Assumption + second · ends Dec 2049, second Dec 2056$578,698
New conventional · ends Dec 2056$558,487