Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$533/mo
Lowest payment- Down payment
- $401,321
- Funds due
- $412,409
- Interest + MI left
- $32,688
- First ends
- Oct 2051
Assumption
Assumption + second
$3,097/mo
+$2,565/mo- Down payment
- $43,321
- Funds due
- $56,343
- Interest + MI left
- $598,000
- First ends
- Oct 2051
New loan
New conventional
$3,019/mo
+$2,486/mo- Down payment
- $43,321
- Funds due
- $52,813
- Interest + MI left
- $565,389
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,679 | $28,679 | $386,679 |
| Second mortgage | — | $358,000 | — |
| First P&I | $197.22 | $197.22 | $2,619.50 |
| Second P&I | — | $2,564.76 | — |
| Mortgage insurance | $13.38 | $13.38 | $77.34 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $532.59 | $3,097.35 | $3,018.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,321
Closing costs & prepaids$13,022
Usable credit−$0
Total buyer cash needed$56,343
Earnest money paid−$0
Remaining funds due$56,343
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
Prepaid interest, first (9 days)$47.17
Prepaid interest, second (9 days)$684.12
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 closing24 yr 10 moOf the original 26-year loan at 6.67%
Interest already paid$2,253Through Dec 2026
Assumption only · ends Oct 2051$32,688
Assumption + second · ends Oct 2051, second Jan 2057$598,000
New conventional · ends Jan 2057$565,389