Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$775/mo
Lowest payment- Down payment
- $469,739
- Funds due
- $482,545
- Interest + MI left
- $22,501
- First ends
- Jul 2054
Assumption
Assumption + second
$3,784/mo
+$3,009/mo- Down payment
- $49,739
- Funds due
- $63,884
- Interest + MI left
- $685,716
- First ends
- Jul 2054
New loan
New conventional
$3,771/mo
+$2,996/mo- Down payment
- $49,739
- Funds due
- $60,333
- Interest + MI left
- $664,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,261 | $18,261 | $438,261 |
| Second mortgage | — | $420,000 | — |
| First P&I | $117.25 | $117.25 | $3,034.43 |
| Second P&I | — | $3,008.93 | — |
| Mortgage insurance | $8.41 | $8.41 | $87.65 |
| Taxes, insurance & HOA | $649.33 | $649.33 | $649.33 |
| Total housing payment | $774.99 | $3,783.92 | $3,771.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,739
Closing costs & prepaids$14,145
Usable credit−$0
Total buyer cash needed$63,884
Earnest money paid−$0
Remaining funds due$63,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,880.00
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)$1,283.00
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$3.19
Prepaid interest, second (1 days)$89.18
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 closing27 yr 8 moOf the original 28-year loan at 6.380%
Interest already paid$389Through Nov 2026
Assumption only · ends Jul 2054$22,501
Assumption + second · ends Jul 2054, second Dec 2056$685,716
New conventional · ends Dec 2056$664,565