Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,324/mo
Lowest payment- Down payment
- $486,824
- Funds due
- $498,914
- Interest + MI left
- $1,865
- First ends
- Apr 2028
Assumption
Assumption + second
$4,448/mo
+$3,124/mo- Down payment
- $50,824
- Funds due
- $64,719
- Interest + MI left
- $690,346
- First ends
- Apr 2028
New loan
New conventional
$3,499/mo
+$2,175/mo- Down payment
- $50,824
- Funds due
- $61,121
- Interest + MI left
- $656,680
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,176 | $13,176 | $449,176 |
| Second mortgage | — | $436,000 | — |
| First P&I | $864.27 | $864.27 | $3,042.87 |
| Second P&I | — | $3,123.56 | — |
| Mortgage insurance | $93.05 | $93.05 | $89.84 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,323.99 | $4,447.54 | $3,499.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,824
Closing costs & prepaids$13,895
Usable credit−$0
Total buyer cash needed$64,719
Earnest money paid−$0
Remaining funds due$64,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$14.92
Prepaid interest, second (6 days)$555.45
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 closing1 yr 4 moOf the original 30-year loan at 6.89%
Interest already paid$179,124Through Dec 2026
Assumption only · ends Apr 2028$1,865
Assumption + second · ends Apr 2028, second Jan 2057$690,346
New conventional · ends Jan 2057$656,680