Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$726/mo
Lowest payment- Down payment
- $535,497
- Funds due
- $548,848
- Interest + MI left
- $12,223
- First ends
- Sep 2049
Assumption
Assumption + second
$4,165/mo
+$3,439/mo- Down payment
- $55,497
- Funds due
- $70,200
- Interest + MI left
- $770,183
- First ends
- Sep 2049
New loan
New conventional
$4,147/mo
+$3,421/mo- Down payment
- $55,497
- Funds due
- $66,591
- Interest + MI left
- $749,795
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,403 | $14,403 | $494,403 |
| Second mortgage | — | $480,000 | — |
| First P&I | $90.32 | $90.32 | $3,423.15 |
| Second P&I | — | $3,438.78 | — |
| Mortgage insurance | $11.07 | $11.07 | $98.88 |
| Taxes, insurance & HOA | $624.92 | $624.92 | $624.92 |
| Total housing payment | $726.31 | $4,165.09 | $4,146.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,497
Closing costs & prepaids$14,703
Usable credit−$0
Total buyer cash needed$70,200
Earnest money paid−$0
Remaining funds due$70,200
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$1,374.75
Prepaid interest, first (1 days)$2.07
Prepaid interest, second (1 days)$101.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing22 yr 10 moOf the original 27-year loan at 5.250%
Interest already paid$3,292Through Nov 2026
Assumption only · ends Sep 2049$12,223
Assumption + second · ends Sep 2049, second Dec 2056$770,183
New conventional · ends Dec 2056$749,795