Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$491/mo
Lowest payment- Down payment
- $447,788
- Funds due
- $459,580
- Interest + MI left
- $12,528
- First ends
- Sep 2051
Assumption
Assumption + second
$3,364/mo
+$2,873/mo- Down payment
- $46,788
- Funds due
- $60,001
- Interest + MI left
- $645,741
- First ends
- Sep 2051
New loan
New conventional
$3,348/mo
+$2,857/mo- Down payment
- $46,788
- Funds due
- $56,477
- Interest + MI left
- $626,430
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,112 | $12,112 | $413,112 |
| Second mortgage | — | $401,000 | — |
| First P&I | $76.87 | $76.87 | $2,860.30 |
| Second P&I | — | $2,872.81 | — |
| Mortgage insurance | $9.15 | $9.15 | $82.62 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $491.02 | $3,363.83 | $3,347.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,788
Closing costs & prepaids$13,213
Usable credit−$0
Total buyer cash needed$60,001
Earnest money paid−$0
Remaining funds due$60,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$526.00
Initial HOA (3 months)$189.00
Prepaid interest, first (2 days)$3.86
Prepaid interest, second (2 days)$170.29
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 closing24 yr 10 moOf the original 29-year loan at 5.810%
Interest already paid$3,036Through Nov 2026
Assumption only · ends Sep 2051$12,528
Assumption + second · ends Sep 2051, second Dec 2056$645,741
New conventional · ends Dec 2056$626,430