Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$430/mo
Lowest payment- Down payment
- $491,356
- Funds due
- $503,440
- Interest + MI left
- $9,497
- First ends
- May 2051
Assumption
Assumption + second
$3,589/mo
+$3,159/mo- Down payment
- $50,356
- Funds due
- $64,251
- Interest + MI left
- $705,873
- First ends
- May 2051
New loan
New conventional
$3,502/mo
+$3,072/mo- Down payment
- $50,356
- Funds due
- $60,657
- Interest + MI left
- $657,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,544 | $8,544 | $449,544 |
| Second mortgage | — | $441,000 | — |
| First P&I | $58.93 | $58.93 | $3,045.37 |
| Second P&I | — | $3,159.38 | — |
| Mortgage insurance | $4.07 | $4.07 | $89.91 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $429.67 | $3,589.05 | $3,501.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,356
Closing costs & prepaids$13,895
Usable credit−$0
Total buyer cash needed$64,251
Earnest money paid−$0
Remaining funds due$64,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$9.31
Prepaid interest, second (6 days)$561.82
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 5 moOf the original 27-year loan at 6.63%
Interest already paid$1,494Through Dec 2026
Assumption only · ends May 2051$9,497
Assumption + second · ends May 2051, second Jan 2057$705,873
New conventional · ends Jan 2057$657,308