Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$686/mo
Lowest payment- Down payment
- $469,484
- Funds due
- $482,025
- Interest + MI left
- $16,981
- First ends
- Nov 2050
Assumption
Assumption + second
$3,695/mo
+$3,009/mo- Down payment
- $49,484
- Funds due
- $63,454
- Interest + MI left
- $680,197
- First ends
- Nov 2050
New loan
New conventional
$3,672/mo
+$2,987/mo- Down payment
- $49,484
- Funds due
- $59,902
- Interest + MI left
- $660,205
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,386 | $15,386 | $435,386 |
| Second mortgage | — | $420,000 | — |
| First P&I | $107.73 | $107.73 | $3,014.52 |
| Second P&I | — | $3,008.93 | — |
| Mortgage insurance | $7.17 | $7.17 | $87.08 |
| Taxes, insurance & HOA | $570.75 | $570.75 | $570.75 |
| Total housing payment | $685.65 | $3,694.58 | $3,672.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,484
Closing costs & prepaids$13,970
Usable credit−$0
Total buyer cash needed$63,454
Earnest money paid−$0
Remaining funds due$63,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,848.70
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)$1,212.25
Prepaid interest, first (2 days)$5.67
Prepaid interest, second (2 days)$178.36
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 closing24 yrOf the original 25-year loan at 6.720%
Interest already paid$1,043Through Nov 2026
Assumption only · ends Nov 2050$16,981
Assumption + second · ends Nov 2050, second Dec 2056$680,197
New conventional · ends Dec 2056$660,205