Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$624/mo
Lowest payment- Down payment
- $517,187
- Funds due
- $529,850
- Interest + MI left
- $26,729
- First ends
- Oct 2048
Assumption
Assumption + second
$3,933/mo
+$3,310/mo- Down payment
- $55,187
- Funds due
- $69,689
- Interest + MI left
- $756,266
- First ends
- Oct 2048
New loan
New conventional
$3,838/mo
+$3,214/mo- Down payment
- $55,187
- Funds due
- $66,054
- Interest + MI left
- $723,498
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,813 | $32,813 | $494,813 |
| Second mortgage | — | $462,000 | — |
| First P&I | $211.63 | $211.63 | $3,352.04 |
| Second P&I | — | $3,309.82 | — |
| Mortgage insurance | $25.36 | $25.36 | $98.96 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $623.65 | $3,933.48 | $3,837.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,187
Closing costs & prepaids$14,502
Usable credit−$0
Total buyer cash needed$69,689
Earnest money paid−$0
Remaining funds due$69,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (6 days)$28.59
Prepaid interest, second (6 days)$588.58
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 closing21 yr 10 moOf the original 26-year loan at 5.3%
Interest already paid$7,595Through Dec 2026
Assumption only · ends Oct 2048$26,729
Assumption + second · ends Oct 2048, second Jan 2057$756,266
New conventional · ends Jan 2057$723,498