Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,011/mo
Lowest payment- Down payment
- $413,314
- Funds due
- $426,152
- Interest + MI left
- $27,460
- First ends
- Apr 2052
Assumption
Assumption + second
$3,641/mo
+$2,629/mo- Down payment
- $46,314
- Funds due
- $60,480
- Interest + MI left
- $606,984
- First ends
- Apr 2052
New loan
New conventional
$3,700/mo
+$2,689/mo- Down payment
- $46,314
- Funds due
- $56,968
- Interest + MI left
- $627,383
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,686 | $46,686 | $413,686 |
| Second mortgage | — | $367,000 | — |
| First P&I | $221.64 | $221.64 | $2,864.28 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | $36.72 | $36.72 | $82.74 |
| Taxes, insurance & HOA | $752.92 | $752.92 | $752.92 |
| Total housing payment | $1,011.28 | $3,640.51 | $3,699.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,314
Closing costs & prepaids$14,166
Usable credit−$0
Total buyer cash needed$60,480
Earnest money paid−$0
Remaining funds due$60,480
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$1,608.75
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$3.98
Prepaid interest, second (1 days)$77.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 30-year loan at 3.110%
Interest already paid$7,037Through Nov 2026
Assumption only · ends Apr 2052$27,460
Assumption + second · ends Apr 2052, second Dec 2056$606,984
New conventional · ends Dec 2056$627,383