Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$577/mo
Lowest payment- Down payment
- $371,126
- Funds due
- $382,193
- Interest + MI left
- $16,522
- First ends
- Nov 2052
Assumption
Assumption + second
$2,956/mo
+$2,378/mo- Down payment
- $39,126
- Funds due
- $51,725
- Interest + MI left
- $540,778
- First ends
- Nov 2052
New loan
New conventional
$2,873/mo
+$2,296/mo- Down payment
- $39,126
- Funds due
- $48,261
- Interest + MI left
- $499,768
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,874 | $13,874 | $345,874 |
| Second mortgage | — | $332,000 | — |
| First P&I | $93.51 | $93.51 | $2,326.72 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | $6.46 | $6.46 | $69.17 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $577.21 | $2,955.70 | $2,873.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,126
Closing costs & prepaids$12,599
Usable credit−$0
Total buyer cash needed$51,725
Earnest money paid−$0
Remaining funds due$51,725
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$981.75
Prepaid interest, first (4 days)$10.08
Prepaid interest, second (4 days)$281.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 27-year loan at 6.63%
Interest already paid$1,005Through Dec 2026
Assumption only · ends Nov 2052$16,522
Assumption + second · ends Nov 2052, second Jan 2057$540,778
New conventional · ends Jan 2057$499,768