Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$623/mo
Lowest payment- Down payment
- $527,886
- Funds due
- $540,668
- Interest + MI left
- $37,735
- First ends
- Jul 2052
Assumption
Assumption + second
$3,998/mo
+$3,374/mo- Down payment
- $56,886
- Funds due
- $71,519
- Interest + MI left
- $781,484
- First ends
- Jul 2052
New loan
New conventional
$3,900/mo
+$3,276/mo- Down payment
- $56,886
- Funds due
- $67,858
- Interest + MI left
- $735,535
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,114 | $32,114 | $503,114 |
| Second mortgage | — | $471,000 | — |
| First P&I | $217.70 | $217.70 | $3,408.27 |
| Second P&I | — | $3,374.30 | — |
| Mortgage insurance | $15.02 | $15.02 | $100.62 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $623.39 | $3,997.69 | $3,899.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,886
Closing costs & prepaids$14,632
Usable credit−$0
Total buyer cash needed$71,519
Earnest money paid−$0
Remaining funds due$71,519
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Prepaid interest, first (6 days)$35.05
Prepaid interest, second (6 days)$600.04
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 closing25 yr 7 moOf the original 27-year loan at 6.64%
Interest already paid$3,054Through Dec 2026
Assumption only · ends Jul 2052$37,735
Assumption + second · ends Jul 2052, second Jan 2057$781,484
New conventional · ends Jan 2057$735,535