Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,022/mo
Lowest payment- Down payment
- $576,240
- Funds due
- $590,544
- Interest + MI left
- $60,397
- First ends
- Sep 2054
Assumption
Assumption + second
$4,697/mo
+$3,675/mo- Down payment
- $63,240
- Funds due
- $79,012
- Interest + MI left
- $870,467
- First ends
- Sep 2054
New loan
New conventional
$4,689/mo
+$3,667/mo- Down payment
- $63,240
- Funds due
- $75,323
- Interest + MI left
- $851,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,760 | $48,760 | $561,760 |
| Second mortgage | — | $513,000 | — |
| First P&I | $312.09 | $312.09 | $3,889.51 |
| Second P&I | — | $3,675.19 | — |
| Mortgage insurance | $22.40 | $22.40 | $112.35 |
| Taxes, insurance & HOA | $687.50 | $687.50 | $687.50 |
| Total housing payment | $1,021.98 | $4,697.18 | $4,689.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,240
Closing costs & prepaids$15,772
Usable credit−$0
Total buyer cash needed$79,012
Earnest money paid−$0
Remaining funds due$79,012
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$1,562.50
Prepaid interest, first (2 days)$17.02
Prepaid interest, second (2 days)$217.85
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 28-year loan at 6.370%
Interest already paid$519Through Nov 2026
Assumption only · ends Sep 2054$60,397
Assumption + second · ends Sep 2054, second Dec 2056$870,467
New conventional · ends Dec 2056$851,834