Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$588/mo
Lowest payment- Down payment
- $409,693
- Funds due
- $421,197
- Interest + MI left
- $13,325
- First ends
- Feb 2052
Assumption
Assumption + second
$3,217/mo
+$2,629/mo- Down payment
- $42,693
- Funds due
- $55,758
- Interest + MI left
- $592,849
- First ends
- Feb 2052
New loan
New conventional
$3,121/mo
+$2,533/mo- Down payment
- $42,693
- Funds due
- $52,256
- Interest + MI left
- $545,187
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,307 | $10,307 | $377,307 |
| Second mortgage | — | $367,000 | — |
| First P&I | $73.20 | $73.20 | $2,538.17 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | $7.65 | $7.65 | $75.46 |
| Taxes, insurance & HOA | $507.00 | $507.00 | $507.00 |
| Total housing payment | $587.85 | $3,217.09 | $3,120.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,693
Closing costs & prepaids$13,066
Usable credit−$0
Total buyer cash needed$55,758
Earnest money paid−$0
Remaining funds due$55,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,071.00
Prepaid interest, first (4 days)$8.00
Prepaid interest, second (4 days)$311.70
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 2 moOf the original 29-year loan at 7.08%
Interest already paid$2,869Through Dec 2026
Assumption only · ends Feb 2052$13,325
Assumption + second · ends Feb 2052, second Jan 2057$592,849
New conventional · ends Jan 2057$545,187