Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$592/mo
Lowest payment- Down payment
- $522,981
- Funds due
- $535,646
- Interest + MI left
- $30,495
- First ends
- Oct 2050
Assumption
Assumption + second
$3,938/mo
+$3,346/mo- Down payment
- $55,981
- Funds due
- $70,491
- Interest + MI left
- $767,927
- First ends
- Oct 2050
New loan
New conventional
$3,832/mo
+$3,240/mo- Down payment
- $55,981
- Funds due
- $66,839
- Interest + MI left
- $722,199
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $26,992 | $26,992 | $493,992 |
| Second mortgage | — | $467,000 | — |
| First P&I | $192.57 | $192.57 | $3,346.47 |
| Second P&I | — | $3,345.65 | — |
| Mortgage insurance | $12.95 | $12.95 | $98.80 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $592.19 | $3,937.83 | $3,831.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,981
Closing costs & prepaids$14,510
Usable credit−$0
Total buyer cash needed$70,491
Earnest money paid−$0
Remaining funds due$70,491
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.73
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)$660.00
Prepaid interest, first (6 days)$30.62
Prepaid interest, second (6 days)$594.95
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 closing23 yr 10 moOf the original 27-year loan at 6.9%
Interest already paid$6,045Through Dec 2026
Assumption only · ends Oct 2050$30,495
Assumption + second · ends Oct 2050, second Jan 2057$767,927
New conventional · ends Jan 2057$722,199