Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $498,499
- Funds due
- $511,996
- Interest + MI left
- $81,375
- First ends
- Jun 2054
Assumption
Assumption + second
$4,241/mo
+$3,167/mo- Down payment
- $56,499
- Funds due
- $71,433
- Interest + MI left
- $779,330
- First ends
- Jun 2054
New loan
New conventional
$4,219/mo
+$3,145/mo- Down payment
- $56,499
- Funds due
- $67,812
- Interest + MI left
- $763,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,401 | $61,401 | $503,401 |
| Second mortgage | — | $442,000 | — |
| First P&I | $412.11 | $412.11 | $3,485.45 |
| Second P&I | — | $3,166.54 | — |
| Mortgage insurance | $28.91 | $28.91 | $100.68 |
| Taxes, insurance & HOA | $633.25 | $633.25 | $633.25 |
| Total housing payment | $1,074.27 | $4,240.81 | $4,219.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,499
Closing costs & prepaids$14,934
Usable credit−$0
Total buyer cash needed$71,433
Earnest money paid−$0
Remaining funds due$71,433
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.00
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)$1,399.75
Prepaid interest, first (2 days)$22.95
Prepaid interest, second (2 days)$187.70
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 closing27 yr 7 moOf the original 30-year loan at 6.820%
Interest already paid$10,267Through Nov 2026
Assumption only · ends Jun 2054$81,375
Assumption + second · ends Jun 2054, second Dec 2056$779,330
New conventional · ends Dec 2056$763,441