Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$736/mo
Lowest payment- Down payment
- $512,183
- Funds due
- $525,289
- Interest + MI left
- $23,926
- First ends
- Sep 2054
Assumption
Assumption + second
$4,024/mo
+$3,288/mo- Down payment
- $53,183
- Funds due
- $67,734
- Interest + MI left
- $748,725
- First ends
- Sep 2054
New loan
New conventional
$4,004/mo
+$3,269/mo- Down payment
- $53,183
- Funds due
- $64,143
- Interest + MI left
- $722,973
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,717 | $17,717 | $476,717 |
| Second mortgage | — | $459,000 | — |
| First P&I | $119.13 | $119.13 | $3,300.69 |
| Second P&I | — | $3,288.33 | — |
| Mortgage insurance | $8.32 | $8.32 | $95.34 |
| Taxes, insurance & HOA | $608.25 | $608.25 | $608.25 |
| Total housing payment | $735.69 | $4,024.02 | $4,004.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,183
Closing costs & prepaids$14,550
Usable credit−$0
Total buyer cash needed$67,734
Earnest money paid−$0
Remaining funds due$67,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
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)$1,324.75
Prepaid interest, first (2 days)$6.67
Prepaid interest, second (2 days)$194.92
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$2,671Through Nov 2026
Assumption only · ends Sep 2054$23,926
Assumption + second · ends Sep 2054, second Dec 2056$748,725
New conventional · ends Dec 2056$722,973