Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$575/mo
Lowest payment- Down payment
- $671,074
- Funds due
- $685,297
- Interest + MI left
- $22,927
- First ends
- Nov 2053
Assumption
Assumption + second
$4,888/mo
+$4,313/mo- Down payment
- $69,074
- Funds due
- $85,314
- Interest + MI left
- $973,535
- First ends
- Nov 2053
New loan
New conventional
$4,773/mo
+$4,198/mo- Down payment
- $69,074
- Funds due
- $81,519
- Interest + MI left
- $907,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,926 | $18,926 | $620,926 |
| Second mortgage | — | $602,000 | — |
| First P&I | $123.73 | $123.73 | $4,206.37 |
| Second P&I | — | $4,312.80 | — |
| Mortgage insurance | $8.91 | $8.91 | $124.19 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $575.31 | $4,888.11 | $4,773.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,074
Closing costs & prepaids$16,240
Usable credit−$0
Total buyer cash needed$85,314
Earnest money paid−$0
Remaining funds due$85,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,900.00
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)$828.00
Prepaid interest, first (6 days)$20.10
Prepaid interest, second (6 days)$766.93
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 closing26 yr 11 moOf the original 29-year loan at 6.46%
Interest already paid$2,584Through Dec 2026
Assumption only · ends Nov 2053$22,927
Assumption + second · ends Nov 2053, second Jan 2057$973,535
New conventional · ends Jan 2057$907,897