Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$704/mo
Lowest payment- Down payment
- $381,421
- Funds due
- $392,806
- Interest + MI left
- $33,764
- First ends
- Apr 2052
Assumption
Assumption + second
$3,140/mo
+$2,436/mo- Down payment
- $41,421
- Funds due
- $54,417
- Interest + MI left
- $570,653
- First ends
- Apr 2052
New loan
New conventional
$3,061/mo
+$2,357/mo- Down payment
- $41,421
- Funds due
- $50,926
- Interest + MI left
- $537,461
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $27,579 | $27,579 | $367,579 |
| Second mortgage | — | $340,000 | — |
| First P&I | $193.27 | $193.27 | $2,490.11 |
| Second P&I | — | $2,435.80 | — |
| Mortgage insurance | $12.93 | $12.93 | $73.52 |
| Taxes, insurance & HOA | $497.67 | $497.67 | $497.67 |
| Total housing payment | $703.86 | $3,139.67 | $3,061.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,421
Closing costs & prepaids$12,995
Usable credit−$0
Total buyer cash needed$54,417
Earnest money paid−$0
Remaining funds due$54,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,090.00
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)$1,043.00
Prepaid interest, first (5 days)$26.29
Prepaid interest, second (5 days)$360.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4 moOf the original 27-year loan at 6.96%
Interest already paid$3,238Through Dec 2026
Assumption only · ends Apr 2052$33,764
Assumption + second · ends Apr 2052, second Jan 2057$570,653
New conventional · ends Jan 2057$537,461