Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$724/mo
Lowest payment- Down payment
- $430,195
- Funds due
- $442,317
- Interest + MI left
- $10,285
- First ends
- Aug 2050
Assumption
Assumption + second
$3,483/mo
+$2,758/mo- Down payment
- $45,195
- Funds due
- $58,731
- Interest + MI left
- $618,232
- First ends
- Aug 2050
New loan
New conventional
$3,498/mo
+$2,774/mo- Down payment
- $45,195
- Funds due
- $55,226
- Interest + MI left
- $613,914
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,805 | $19,805 | $404,805 |
| Second mortgage | — | $385,000 | — |
| First P&I | $99.82 | $99.82 | $2,802.79 |
| Second P&I | — | $2,758.19 | — |
| Mortgage insurance | $9.86 | $9.86 | $80.96 |
| Taxes, insurance & HOA | $614.67 | $614.67 | $614.67 |
| Total housing payment | $724.34 | $3,482.53 | $3,498.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,195
Closing costs & prepaids$13,536
Usable credit−$0
Total buyer cash needed$58,731
Earnest money paid−$0
Remaining funds due$58,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$434.00
Initial HOA (3 months)$960.00
Prepaid interest, first (2 days)$3.53
Prepaid interest, second (2 days)$163.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing23 yr 9 moOf the original 27-year loan at 3.250%
Interest already paid$2,186Through Nov 2026
Assumption only · ends Aug 2050$10,285
Assumption + second · ends Aug 2050, second Dec 2056$618,232
New conventional · ends Dec 2056$613,914