Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$586/mo
Lowest payment- Down payment
- $628,542
- Funds due
- $642,321
- Interest + MI left
- $24,385
- First ends
- Jun 2051
Assumption
Assumption + second
$4,620/mo
+$4,033/mo- Down payment
- $65,542
- Funds due
- $81,288
- Interest + MI left
- $913,409
- First ends
- Jun 2051
New loan
New conventional
$4,503/mo
+$3,917/mo- Down payment
- $65,542
- Funds due
- $77,531
- Interest + MI left
- $854,574
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,458 | $21,458 | $584,458 |
| Second mortgage | — | $563,000 | — |
| First P&I | $149.29 | $149.29 | $3,959.32 |
| Second P&I | — | $4,033.40 | — |
| Mortgage insurance | $10.20 | $10.20 | $116.89 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $586.15 | $4,619.55 | $4,502.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,542
Closing costs & prepaids$15,746
Usable credit−$0
Total buyer cash needed$81,288
Earnest money paid−$0
Remaining funds due$81,288
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Prepaid interest, first (6 days)$23.77
Prepaid interest, second (6 days)$717.25
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 6 moOf the original 27-year loan at 6.74%
Interest already paid$3,686Through Dec 2026
Assumption only · ends Jun 2051$24,385
Assumption + second · ends Jun 2051, second Jan 2057$913,409
New conventional · ends Jan 2057$854,574