Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$741/mo
Lowest payment- Down payment
- $466,451
- Funds due
- $478,902
- Interest + MI left
- $49,329
- First ends
- Sep 2053
Assumption
Assumption + second
$3,714/mo
+$2,973/mo- Down payment
- $51,451
- Funds due
- $65,680
- Interest + MI left
- $704,649
- First ends
- Sep 2053
New loan
New conventional
$3,623/mo
+$2,882/mo- Down payment
- $51,451
- Funds due
- $62,079
- Interest + MI left
- $662,707
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,299 | $38,299 | $453,299 |
| Second mortgage | — | $415,000 | — |
| First P&I | $261.03 | $261.03 | $3,070.81 |
| Second P&I | — | $2,973.11 | — |
| Mortgage insurance | $18.03 | $18.03 | $90.66 |
| Taxes, insurance & HOA | $461.58 | $461.58 | $461.58 |
| Total housing payment | $740.64 | $3,713.76 | $3,623.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,451
Closing costs & prepaids$14,229
Usable credit−$0
Total buyer cash needed$65,680
Earnest money paid−$0
Remaining funds due$65,680
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,047.50
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)$605.75
Initial HOA (3 months)$279.00
Prepaid interest, first (6 days)$43.25
Prepaid interest, second (6 days)$528.70
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 9 moOf the original 29-year loan at 6.87%
Interest already paid$6,006Through Dec 2026
Assumption only · ends Sep 2053$49,329
Assumption + second · ends Sep 2053, second Jan 2057$704,649
New conventional · ends Jan 2057$662,707