Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,202/mo
Lowest payment- Down payment
- $599,064
- Funds due
- $612,157
- Interest + MI left
- $3,491
- First ends
- Mar 2029
Assumption
Assumption + second
$5,049/mo
+$3,847/mo- Down payment
- $62,064
- Funds due
- $76,635
- Interest + MI left
- $851,460
- First ends
- Mar 2029
New loan
New conventional
$4,278/mo
+$3,076/mo- Down payment
- $62,064
- Funds due
- $72,955
- Interest + MI left
- $846,147
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,936 | $20,936 | $557,936 |
| Second mortgage | — | $537,000 | — |
| First P&I | $810.06 | $810.06 | $3,863.04 |
| Second P&I | — | $3,847.13 | — |
| Mortgage insurance | $88.65 | $88.65 | $111.59 |
| Taxes, insurance & HOA | $303.42 | $303.42 | $303.42 |
| Total housing payment | $1,202.12 | $5,049.26 | $4,278.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,064
Closing costs & prepaids$14,571
Usable credit−$0
Total buyer cash needed$76,635
Earnest money paid−$0
Remaining funds due$76,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,200.00
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)$410.25
Prepaid interest, first (2 days)$7.72
Prepaid interest, second (2 days)$228.04
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 closing2 yr 4 moOf the original 30-year loan at 6.730%
Interest already paid$164,725Through Nov 2026
Assumption only · ends Mar 2029$3,491
Assumption + second · ends Mar 2029, second Dec 2056$851,460
New conventional · ends Dec 2056$846,147