Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$718/mo
Lowest payment- Down payment
- $564,662
- Funds due
- $578,326
- Interest + MI left
- $10,838
- First ends
- Jan 2052
Assumption
Assumption + second
$4,350/mo
+$3,632/mo- Down payment
- $57,662
- Funds due
- $72,683
- Interest + MI left
- $811,433
- First ends
- Jan 2052
New loan
New conventional
$4,331/mo
+$3,614/mo- Down payment
- $57,662
- Funds due
- $69,053
- Interest + MI left
- $784,576
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,337 | $10,337 | $517,337 |
| Second mortgage | — | $507,000 | — |
| First P&I | $66.98 | $66.98 | $3,581.94 |
| Second P&I | — | $3,632.21 | — |
| Mortgage insurance | $4.88 | $4.88 | $103.47 |
| Taxes, insurance & HOA | $645.83 | $645.83 | $645.83 |
| Total housing payment | $717.69 | $4,349.90 | $4,331.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,662
Closing costs & prepaids$15,022
Usable credit−$0
Total buyer cash needed$72,683
Earnest money paid−$0
Remaining funds due$72,683
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,749.99
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)$1,437.50
Prepaid interest, first (1 days)$1.72
Prepaid interest, second (1 days)$107.65
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 closing25 yr 2 moOf the original 27-year loan at 6.090%
Interest already paid$1,172Through Nov 2026
Assumption only · ends Jan 2052$10,838
Assumption + second · ends Jan 2052, second Dec 2056$811,433
New conventional · ends Dec 2056$784,576