Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$547/mo
Lowest payment- Down payment
- $491,692
- Funds due
- $503,961
- Interest + MI left
- $26,869
- First ends
- Jul 2051
Assumption
Assumption + second
$3,699/mo
+$3,152/mo- Down payment
- $51,692
- Funds due
- $65,772
- Interest + MI left
- $721,666
- First ends
- Jul 2051
New loan
New conventional
$3,604/mo
+$3,057/mo- Down payment
- $51,692
- Funds due
- $62,165
- Interest + MI left
- $677,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $23,308 | $23,308 | $463,308 |
| Second mortgage | — | $440,000 | — |
| First P&I | $162.97 | $162.97 | $3,138.61 |
| Second P&I | — | $3,152.21 | — |
| Mortgage insurance | $10.91 | $10.91 | $92.66 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $546.55 | $3,698.76 | $3,603.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,692
Closing costs & prepaids$14,080
Usable credit−$0
Total buyer cash needed$65,772
Earnest money paid−$0
Remaining funds due$65,772
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Prepaid interest, first (6 days)$26.09
Prepaid interest, second (6 days)$560.55
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 7 moOf the original 26-year loan at 6.81%
Interest already paid$2,274Through Dec 2026
Assumption only · ends Jul 2051$26,869
Assumption + second · ends Jul 2051, second Jan 2057$721,666
New conventional · ends Jan 2057$677,433