Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$532/mo
Lowest payment- Down payment
- $435,485
- Funds due
- $447,178
- Interest + MI left
- $24,301
- First ends
- Aug 2052
Assumption
Assumption + second
$3,319/mo
+$2,787/mo- Down payment
- $46,485
- Funds due
- $59,594
- Interest + MI left
- $638,564
- First ends
- Aug 2052
New loan
New conventional
$3,297/mo
+$2,765/mo- Down payment
- $46,485
- Funds due
- $56,072
- Interest + MI left
- $619,418
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,488 | $19,488 | $408,488 |
| Second mortgage | — | $389,000 | — |
| First P&I | $135.64 | $135.64 | $2,828.29 |
| Second P&I | — | $2,786.84 | — |
| Mortgage insurance | $9.19 | $9.19 | $81.70 |
| Taxes, insurance & HOA | $387.17 | $387.17 | $387.17 |
| Total housing payment | $532.00 | $3,318.85 | $3,297.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,485
Closing costs & prepaids$13,109
Usable credit−$0
Total buyer cash needed$59,594
Earnest money paid−$0
Remaining funds due$59,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,549.73
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$661.50
Prepaid interest, first (2 days)$7.42
Prepaid interest, second (2 days)$165.19
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 9 moOf the original 28-year loan at 6.950%
Interest already paid$3,095Through Nov 2026
Assumption only · ends Aug 2052$24,301
Assumption + second · ends Aug 2052, second Dec 2056$638,564
New conventional · ends Dec 2056$619,418