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
- $410,679
- Funds due
- $422,158
- Interest + MI left
- $10,489
- First ends
- Jul 2051
Assumption
Assumption + second
$3,205/mo
+$2,636/mo- Down payment
- $42,679
- Funds due
- $55,564
- Interest + MI left
- $591,592
- First ends
- Jul 2051
New loan
New conventional
$3,188/mo
+$2,620/mo- Down payment
- $42,679
- Funds due
- $52,080
- Interest + MI left
- $572,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,321 | $9,321 | $377,321 |
| Second mortgage | — | $368,000 | — |
| First P&I | $64.09 | $64.09 | $2,612.49 |
| Second P&I | — | $2,636.40 | — |
| Mortgage insurance | $4.36 | $4.36 | $75.46 |
| Taxes, insurance & HOA | $500.00 | $500.00 | $500.00 |
| Total housing payment | $568.45 | $3,204.85 | $3,187.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,679
Closing costs & prepaids$12,885
Usable credit−$0
Total buyer cash needed$55,564
Earnest money paid−$0
Remaining funds due$55,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,050.00
Prepaid interest, first (2 days)$3.39
Prepaid interest, second (2 days)$156.27
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 8 moOf the original 26-year loan at 6.640%
Interest already paid$834Through Nov 2026
Assumption only · ends Jul 2051$10,489
Assumption + second · ends Jul 2051, second Dec 2056$591,592
New conventional · ends Dec 2056$572,157