Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$573/mo
Lowest payment- Down payment
- $463,498
- Funds due
- $475,608
- Interest + MI left
- $28,546
- First ends
- Nov 2054
Assumption
Assumption + second
$3,539/mo
+$2,966/mo- Down payment
- $49,498
- Funds due
- $63,386
- Interest + MI left
- $682,287
- First ends
- Nov 2054
New loan
New conventional
$3,458/mo
+$2,885/mo- Down payment
- $49,498
- Funds due
- $59,804
- Interest + MI left
- $636,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,502 | $21,502 | $435,502 |
| Second mortgage | — | $414,000 | — |
| First P&I | $142.75 | $142.75 | $2,950.24 |
| Second P&I | — | $2,965.95 | — |
| Mortgage insurance | $9.98 | $9.98 | $87.10 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $573.40 | $3,539.35 | $3,458.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,498
Closing costs & prepaids$13,888
Usable credit−$0
Total buyer cash needed$63,386
Earnest money paid−$0
Remaining funds due$63,386
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$23.86
Prepaid interest, second (6 days)$527.42
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 closing27 yr 11 moOf the original 29-year loan at 6.75%
Interest already paid$1,583Through Dec 2026
Assumption only · ends Nov 2054$28,546
Assumption + second · ends Nov 2054, second Jan 2057$682,287
New conventional · ends Jan 2057$636,689