Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,381/mo
Lowest payment- Down payment
- $475,605
- Funds due
- $487,708
- Interest + MI left
- $4,138
- First ends
- May 2029
Assumption
Assumption + second
$4,425/mo
+$3,045/mo- Down payment
- $50,605
- Funds due
- $64,499
- Interest + MI left
- $675,248
- First ends
- May 2029
New loan
New conventional
$3,501/mo
+$2,120/mo- Down payment
- $50,605
- Funds due
- $60,904
- Interest + MI left
- $657,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $24,394 | $24,394 | $449,394 |
| Second mortgage | — | $425,000 | — |
| First P&I | $914.76 | $914.76 | $3,044.35 |
| Second P&I | — | $3,044.75 | — |
| Mortgage insurance | $99.19 | $99.19 | $89.88 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,380.62 | $4,425.37 | $3,500.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,605
Closing costs & prepaids$13,894
Usable credit−$0
Total buyer cash needed$64,499
Earnest money paid−$0
Remaining funds due$64,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Prepaid interest, first (6 days)$27.35
Prepaid interest, second (6 days)$541.44
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 closing2 yr 5 moOf the original 30-year loan at 6.82%
Interest already paid$187,149Through Dec 2026
Assumption only · ends May 2029$4,138
Assumption + second · ends May 2029, second Jan 2057$675,248
New conventional · ends Jan 2057$657,088