Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$590/mo
Lowest payment- Down payment
- $583,423
- Funds due
- $596,837
- Interest + MI left
- $18,245
- First ends
- May 2052
Assumption
Assumption + second
$4,337/mo
+$3,747/mo- Down payment
- $60,423
- Funds due
- $75,864
- Interest + MI left
- $844,106
- First ends
- May 2052
New loan
New conventional
$4,232/mo
+$3,643/mo- Down payment
- $60,423
- Funds due
- $72,154
- Interest + MI left
- $787,489
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,577 | $15,577 | $538,577 |
| Second mortgage | — | $523,000 | — |
| First P&I | $106.06 | $106.06 | $3,648.51 |
| Second P&I | — | $3,746.84 | — |
| Mortgage insurance | $7.39 | $7.39 | $107.72 |
| Taxes, insurance & HOA | $476.25 | $476.25 | $476.25 |
| Total housing payment | $589.71 | $4,336.54 | $4,232.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,423
Closing costs & prepaids$15,441
Usable credit−$0
Total buyer cash needed$75,864
Earnest money paid−$0
Remaining funds due$75,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Initial HOA (3 months)$210.00
Prepaid interest, first (7 days)$19.90
Prepaid interest, second (7 days)$777.34
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 closing25 yr 5 moOf the original 28-year loan at 6.66%
Interest already paid$2,731Through Dec 2026
Assumption only · ends May 2052$18,245
Assumption + second · ends May 2052, second Jan 2057$844,106
New conventional · ends Jan 2057$787,489