Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,046/mo
Lowest payment- Down payment
- $479,311
- Funds due
- $492,990
- Interest + MI left
- $22,278
- First ends
- Nov 2051
Assumption
Assumption + second
$4,119/mo
+$3,073/mo- Down payment
- $50,311
- Funds due
- $65,423
- Interest + MI left
- $699,705
- First ends
- Nov 2051
New loan
New conventional
$4,099/mo
+$3,053/mo- Down payment
- $50,311
- Funds due
- $61,862
- Interest + MI left
- $680,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,689 | $19,689 | $448,689 |
| Second mortgage | — | $429,000 | — |
| First P&I | $133.93 | $133.93 | $3,106.63 |
| Second P&I | — | $3,073.41 | — |
| Mortgage insurance | $9.16 | $9.16 | $89.74 |
| Taxes, insurance & HOA | $902.50 | $902.50 | $902.50 |
| Total housing payment | $1,045.59 | $4,119.00 | $4,098.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,311
Closing costs & prepaids$15,112
Usable credit−$0
Total buyer cash needed$65,423
Earnest money paid−$0
Remaining funds due$65,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$1,247.50
Initial HOA (3 months)$960.00
Prepaid interest, first (2 days)$7.10
Prepaid interest, second (2 days)$182.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing25 yrOf the original 26-year loan at 6.580%
Interest already paid$1,306Through Nov 2026
Assumption only · ends Nov 2051$22,278
Assumption + second · ends Nov 2051, second Dec 2056$699,705
New conventional · ends Dec 2056$680,467