Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$734/mo
Lowest payment- Down payment
- $450,820
- Funds due
- $463,120
- Interest + MI left
- $52,439
- First ends
- Apr 2055
Assumption
Assumption + second
$3,606/mo
+$2,873/mo- Down payment
- $49,820
- Funds due
- $63,966
- Interest + MI left
- $685,651
- First ends
- Apr 2055
New loan
New conventional
$3,528/mo
+$2,794/mo- Down payment
- $49,820
- Funds due
- $60,377
- Interest + MI left
- $643,526
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,179 | $39,179 | $440,179 |
| Second mortgage | — | $401,000 | — |
| First P&I | $257.28 | $257.28 | $2,981.93 |
| Second P&I | — | $2,872.81 | — |
| Mortgage insurance | $18.29 | $18.29 | $88.04 |
| Taxes, insurance & HOA | $458.00 | $458.00 | $458.00 |
| Total housing payment | $733.57 | $3,606.38 | $3,527.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,820
Closing costs & prepaids$14,145
Usable credit−$0
Total buyer cash needed$63,966
Earnest money paid−$0
Remaining funds due$63,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.99
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)$588.00
Initial HOA (3 months)$285.99
Prepaid interest, first (7 days)$50.27
Prepaid interest, second (7 days)$596.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing28 yr 4 moOf the original 30-year loan at 6.69%
Interest already paid$4,412Through Dec 2026
Assumption only · ends Apr 2055$52,439
Assumption + second · ends Apr 2055, second Jan 2057$685,651
New conventional · ends Jan 2057$643,526