Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$475/mo
Lowest payment- Down payment
- $530,204
- Funds due
- $542,431
- Interest + MI left
- $1,036
- First ends
- Sep 2031
Assumption
Assumption + second
$3,886/mo
+$3,410/mo- Down payment
- $54,204
- Funds due
- $67,883
- Interest + MI left
- $752,680
- First ends
- Sep 2031
New loan
New conventional
$3,744/mo
+$3,269/mo- Down payment
- $54,204
- Funds due
- $64,284
- Interest + MI left
- $736,742
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,796 | $9,796 | $485,796 |
| Second mortgage | — | $476,000 | — |
| First P&I | $178.48 | $178.48 | $3,363.55 |
| Second P&I | — | $3,410.12 | — |
| Mortgage insurance | $13.56 | $13.56 | $97.16 |
| Taxes, insurance & HOA | $283.42 | $283.42 | $283.42 |
| Total housing payment | $475.46 | $3,885.58 | $3,744.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,204
Closing costs & prepaids$13,679
Usable credit−$0
Total buyer cash needed$67,883
Earnest money paid−$0
Remaining funds due$67,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$350.25
Prepaid interest, first (2 days)$1.22
Prepaid interest, second (2 days)$202.14
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 closing4 yr 10 moOf the original 10-year loan at 2.270%
Interest already paid$1,717Through Nov 2026
Assumption only · ends Sep 2031$1,036
Assumption + second · ends Sep 2031, second Dec 2056$752,680
New conventional · ends Dec 2056$736,742