Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$597/mo
Lowest payment- Down payment
- $448,839
- Funds due
- $460,798
- Interest + MI left
- $27,925
- First ends
- Jul 2050
Assumption
Assumption + second
$3,470/mo
+$2,873/mo- Down payment
- $47,839
- Funds due
- $61,559
- Interest + MI left
- $661,138
- First ends
- Jul 2050
New loan
New conventional
$3,381/mo
+$2,784/mo- Down payment
- $47,839
- Funds due
- $57,996
- Interest + MI left
- $624,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $26,161 | $26,161 | $427,161 |
| Second mortgage | — | $401,000 | — |
| First P&I | $183.19 | $183.19 | $2,893.74 |
| Second P&I | — | $2,872.81 | — |
| Mortgage insurance | $12.28 | $12.28 | $85.43 |
| Taxes, insurance & HOA | $402.00 | $402.00 | $402.00 |
| Total housing payment | $597.46 | $3,470.28 | $3,381.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,839
Closing costs & prepaids$13,720
Usable credit−$0
Total buyer cash needed$61,559
Earnest money paid−$0
Remaining funds due$61,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$135.99
Prepaid interest, first (6 days)$28.55
Prepaid interest, second (6 days)$510.86
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 closing23 yr 7 moOf the original 25-year loan at 6.64%
Interest already paid$2,492Through Dec 2026
Assumption only · ends Jul 2050$27,925
Assumption + second · ends Jul 2050, second Jan 2057$661,138
New conventional · ends Jan 2057$624,580