Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$479/mo
Lowest payment- Down payment
- $437,806
- Funds due
- $449,276
- Interest + MI left
- $12,463
- First ends
- Sep 2051
Assumption
Assumption + second
$3,287/mo
+$2,808/mo- Down payment
- $45,806
- Funds due
- $59,275
- Interest + MI left
- $631,464
- First ends
- Sep 2051
New loan
New conventional
$3,211/mo
+$2,732/mo- Down payment
- $45,806
- Funds due
- $55,716
- Interest + MI left
- $590,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,094 | $12,094 | $404,094 |
| Second mortgage | — | $392,000 | — |
| First P&I | $76.87 | $76.87 | $2,737.47 |
| Second P&I | — | $2,808.34 | — |
| Mortgage insurance | $9.15 | $9.15 | $80.82 |
| Taxes, insurance & HOA | $393.00 | $393.00 | $393.00 |
| Total housing payment | $479.02 | $3,287.36 | $3,211.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,806
Closing costs & prepaids$13,469
Usable credit−$0
Total buyer cash needed$59,275
Earnest money paid−$0
Remaining funds due$59,275
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$17.33
Prepaid interest, second (9 days)$749.10
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 9 moOf the original 29-year loan at 5.81%
Interest already paid$3,094Through Dec 2026
Assumption only · ends Sep 2051$12,463
Assumption + second · ends Sep 2051, second Jan 2057$631,464
New conventional · ends Jan 2057$590,771