Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,312/mo
Lowest payment- Down payment
- $506,478
- Funds due
- $519,274
- Interest + MI left
- $15,230
- First ends
- Jun 2033
Assumption
Assumption + second
$4,536/mo
+$3,224/mo- Down payment
- $56,478
- Funds due
- $71,097
- Interest + MI left
- $725,818
- First ends
- Jun 2033
New loan
New conventional
$3,902/mo
+$2,590/mo- Down payment
- $56,478
- Funds due
- $67,455
- Interest + MI left
- $736,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,521 | $53,521 | $503,521 |
| Second mortgage | — | $450,000 | — |
| First P&I | $820.45 | $820.45 | $3,411.03 |
| Second P&I | — | $3,223.86 | — |
| Mortgage insurance | $101.12 | $101.12 | $100.70 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $1,312.24 | $4,536.09 | $3,902.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,478
Closing costs & prepaids$14,620
Usable credit−$0
Total buyer cash needed$71,097
Earnest money paid−$0
Remaining funds due$71,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.99
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)$672.00
Prepaid interest, first (6 days)$49.36
Prepaid interest, second (6 days)$573.29
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 closing6 yr 6 moOf the original 30-year loan at 5.61%
Interest already paid$142,129Through Dec 2026
Assumption only · ends Jun 2033$15,230
Assumption + second · ends Jun 2033, second Jan 2057$725,818
New conventional · ends Jan 2057$736,231