Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$523/mo
Lowest payment- Down payment
- $567,318
- Funds due
- $580,389
- Interest + MI left
- $33,954
- First ends
- Jun 2065
Assumption
Assumption + second
$4,163/mo
+$3,639/mo- Down payment
- $59,318
- Funds due
- $74,287
- Interest + MI left
- $836,128
- First ends
- Jun 2065
New loan
New conventional
$4,075/mo
+$3,552/mo- Down payment
- $59,318
- Funds due
- $70,597
- Interest + MI left
- $768,634
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,682 | $17,682 | $525,682 |
| Second mortgage | — | $508,000 | — |
| First P&I | $106.01 | $106.01 | $3,561.15 |
| Second P&I | — | $3,639.37 | — |
| Mortgage insurance | $8.17 | $8.17 | $105.14 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $523.17 | $4,162.55 | $4,075.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,318
Closing costs & prepaids$14,968
Usable credit−$0
Total buyer cash needed$74,287
Earnest money paid−$0
Remaining funds due$74,287
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$19.27
Prepaid interest, second (6 days)$647.18
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 closing38 yr 6 moOf the original 40-year loan at 6.63%
Interest already paid$1,766Through Dec 2026
Assumption only · ends Jun 2065$33,954
Assumption + second · ends Jun 2065, second Jan 2057$836,128
New conventional · ends Jan 2057$768,634