Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$367/mo
Lowest payment- Down payment
- $499,999
- Funds due
- $512,074
- Interest + MI left
- $0
- First ends
- Jan 2051
Assumption
Assumption + second
$3,583/mo
+$3,217/mo- Down payment
- $50,999
- Funds due
- $64,896
- Interest + MI left
- $709,009
- First ends
- Jan 2051
New loan
New conventional
$3,498/mo
+$3,131/mo- Down payment
- $50,999
- Funds due
- $61,294
- Interest + MI left
- $656,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1 | $1 | $449,001 |
| Second mortgage | — | $449,000 | — |
| First P&I | $0.00 | $0.00 | $3,041.69 |
| Second P&I | — | $3,216.69 | — |
| Mortgage insurance | $0.00 | $0.00 | $89.80 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $366.67 | $3,583.36 | $3,498.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,999
Closing costs & prepaids$13,897
Usable credit−$0
Total buyer cash needed$64,896
Earnest money paid−$0
Remaining funds due$64,896
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$0.00
Prepaid interest, second (6 days)$572.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 2.61%
Interest already paid$0Through Dec 2026
Assumption only · ends Jan 2051$0
Assumption + second · ends Jan 2051, second Jan 2057$709,009
New conventional · ends Jan 2057$656,424