Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$544/mo
Lowest payment- Down payment
- $414,097
- Funds due
- $425,483
- Interest + MI left
- $20,101
- First ends
- May 2053
Assumption
Assumption + second
$3,202/mo
+$2,658/mo- Down payment
- $43,097
- Funds due
- $56,442
- Interest + MI left
- $605,942
- First ends
- May 2053
New loan
New conventional
$3,126/mo
+$2,582/mo- Down payment
- $43,097
- Funds due
- $52,910
- Interest + MI left
- $565,716
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,903 | $15,903 | $386,903 |
| Second mortgage | — | $371,000 | — |
| First P&I | $108.66 | $108.66 | $2,621.02 |
| Second P&I | — | $2,657.89 | — |
| Mortgage insurance | $7.44 | $7.44 | $77.38 |
| Taxes, insurance & HOA | $428.00 | $428.00 | $428.00 |
| Total housing payment | $544.10 | $3,201.99 | $3,126.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,097
Closing costs & prepaids$13,345
Usable credit−$0
Total buyer cash needed$56,442
Earnest money paid−$0
Remaining funds due$56,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$26.86
Prepaid interest, second (9 days)$708.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing26 yr 5 moOf the original 28-year loan at 6.85%
Interest already paid$1,743Through Dec 2026
Assumption only · ends May 2053$20,101
Assumption + second · ends May 2053, second Jan 2057$605,942
New conventional · ends Jan 2057$565,716