Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$461/mo
Lowest payment- Down payment
- $534,687
- Funds due
- $547,283
- Interest + MI left
- $11,076
- First ends
- Nov 2050
Assumption
Assumption + second
$3,900/mo
+$3,439/mo- Down payment
- $54,687
- Funds due
- $69,450
- Interest + MI left
- $769,036
- First ends
- Nov 2050
New loan
New conventional
$3,804/mo
+$3,343/mo- Down payment
- $54,687
- Funds due
- $65,787
- Interest + MI left
- $716,919
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,313 | $10,313 | $490,313 |
| Second mortgage | — | $480,000 | — |
| First P&I | $71.42 | $71.42 | $3,321.55 |
| Second P&I | — | $3,438.78 | — |
| Mortgage insurance | $4.81 | $4.81 | $98.06 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $460.89 | $3,899.67 | $3,804.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,687
Closing costs & prepaids$14,763
Usable credit−$0
Total buyer cash needed$69,450
Earnest money paid−$0
Remaining funds due$69,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Prepaid interest, first (9 days)$16.73
Prepaid interest, second (9 days)$917.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing23 yr 11 moOf the original 25-year loan at 6.58%
Interest already paid$742Through Dec 2026
Assumption only · ends Nov 2050$11,076
Assumption + second · ends Nov 2050, second Jan 2057$769,036
New conventional · ends Jan 2057$716,919