Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$695/mo
Lowest payment- Down payment
- $510,743
- Funds due
- $523,777
- Interest + MI left
- $28,242
- First ends
- Nov 2065
Assumption
Assumption + second
$3,976/mo
+$3,281/mo- Down payment
- $52,743
- Funds due
- $67,124
- Interest + MI left
- $751,462
- First ends
- Nov 2065
New loan
New conventional
$3,966/mo
+$3,272/mo- Down payment
- $52,743
- Funds due
- $63,542
- Interest + MI left
- $716,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,257 | $14,257 | $472,257 |
| Second mortgage | — | $458,000 | — |
| First P&I | $86.15 | $86.15 | $3,269.81 |
| Second P&I | — | $3,281.17 | — |
| Mortgage insurance | $6.57 | $6.57 | $94.45 |
| Taxes, insurance & HOA | $602.00 | $602.00 | $602.00 |
| Total housing payment | $694.72 | $3,975.88 | $3,966.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,743
Closing costs & prepaids$14,381
Usable credit−$0
Total buyer cash needed$67,124
Earnest money paid−$0
Remaining funds due$67,124
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$1,221.00
Initial HOA (3 months)$84.99
Prepaid interest, first (1 days)$2.62
Prepaid interest, second (1 days)$97.25
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 closing39 yrOf the original 40-year loan at 6.720%
Interest already paid$961Through Nov 2026
Assumption only · ends Nov 2065$28,242
Assumption + second · ends Nov 2065, second Dec 2056$751,462
New conventional · ends Dec 2056$716,210