Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$358/mo
Lowest payment- Down payment
- $452,566
- Funds due
- $464,056
- Interest + MI left
- $8,772
- First ends
- Aug 2052
Assumption
Assumption + second
$3,267/mo
+$2,909/mo- Down payment
- $46,566
- Funds due
- $59,479
- Interest + MI left
- $649,881
- First ends
- Aug 2052
New loan
New conventional
$3,250/mo
+$2,892/mo- Down payment
- $46,566
- Funds due
- $55,956
- Interest + MI left
- $626,918
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,434 | $7,434 | $413,434 |
| Second mortgage | — | $406,000 | — |
| First P&I | $50.18 | $50.18 | $2,862.53 |
| Second P&I | — | $2,908.63 | — |
| Mortgage insurance | $3.47 | $3.47 | $82.69 |
| Taxes, insurance & HOA | $304.33 | $304.33 | $304.33 |
| Total housing payment | $357.98 | $3,266.62 | $3,249.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,566
Closing costs & prepaids$12,913
Usable credit−$0
Total buyer cash needed$59,479
Earnest money paid−$0
Remaining funds due$59,479
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)$413.00
Prepaid interest, first (2 days)$2.70
Prepaid interest, second (2 days)$172.41
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 27-year loan at 6.620%
Interest already paid$621Through Nov 2026
Assumption only · ends Aug 2052$8,772
Assumption + second · ends Aug 2052, second Dec 2056$649,881
New conventional · ends Dec 2056$626,918