Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$463/mo
Lowest payment- Down payment
- $507,307
- Funds due
- $519,695
- Interest + MI left
- $2,372
- First ends
- Nov 2046
Assumption
Assumption + second
$3,730/mo
+$3,267/mo- Down payment
- $51,307
- Funds due
- $65,526
- Interest + MI left
- $722,435
- First ends
- Nov 2046
New loan
New conventional
$3,647/mo
+$3,184/mo- Down payment
- $51,307
- Funds due
- $61,924
- Interest + MI left
- $675,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,692 | $5,692 | $461,692 |
| Second mortgage | — | $456,000 | — |
| First P&I | $30.96 | $30.96 | $3,127.66 |
| Second P&I | — | $3,266.84 | — |
| Mortgage insurance | $4.88 | $4.88 | $92.34 |
| Taxes, insurance & HOA | $426.83 | $426.83 | $426.83 |
| Total housing payment | $462.67 | $3,729.51 | $3,646.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,307
Closing costs & prepaids$14,219
Usable credit−$0
Total buyer cash needed$65,526
Earnest money paid−$0
Remaining funds due$65,526
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,129.99
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)$615.50
Initial HOA (3 months)$165.00
Prepaid interest, first (6 days)$2.57
Prepaid interest, second (6 days)$580.93
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 closing19 yr 11 moOf the original 26-year loan at 2.75%
Interest already paid$1,057Through Dec 2026
Assumption only · ends Nov 2046$2,372
Assumption + second · ends Nov 2046, second Jan 2057$722,435
New conventional · ends Jan 2057$675,070