Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$936/mo
Lowest payment- Down payment
- $541,953
- Funds due
- $556,066
- Interest + MI left
- $9,158
- First ends
- Apr 2051
Assumption
Assumption + second
$4,417/mo
+$3,482/mo- Down payment
- $55,953
- Funds due
- $72,038
- Interest + MI left
- $776,592
- First ends
- Apr 2051
New loan
New conventional
$4,320/mo
+$3,384/mo- Down payment
- $55,953
- Funds due
- $68,375
- Interest + MI left
- $721,841
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,747 | $7,747 | $493,747 |
| Second mortgage | — | $486,000 | — |
| First P&I | $55.51 | $55.51 | $3,344.81 |
| Second P&I | — | $3,481.76 | — |
| Mortgage insurance | $3.64 | $3.64 | $98.75 |
| Taxes, insurance & HOA | $876.58 | $876.58 | $876.58 |
| Total housing payment | $935.73 | $4,417.49 | $4,320.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,953
Closing costs & prepaids$16,085
Usable credit−$0
Total buyer cash needed$72,038
Earnest money paid−$0
Remaining funds due$72,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,497.00
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)$659.75
Initial HOA (3 months)$1,470.00
Prepaid interest, first (7 days)$10.46
Prepaid interest, second (7 days)$722.34
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 closing24 yr 4 moOf the original 26-year loan at 7.04%
Interest already paid$921Through Dec 2026
Assumption only · ends Apr 2051$9,158
Assumption + second · ends Apr 2051, second Jan 2057$776,592
New conventional · ends Jan 2057$721,841