Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$505/mo
Lowest payment- Down payment
- $502,550
- Funds due
- $514,879
- Interest + MI left
- $21,330
- First ends
- May 2052
Assumption
Assumption + second
$3,728/mo
+$3,224/mo- Down payment
- $52,550
- Funds due
- $66,989
- Interest + MI left
- $731,917
- First ends
- May 2052
New loan
New conventional
$3,635/mo
+$3,130/mo- Down payment
- $52,550
- Funds due
- $63,351
- Interest + MI left
- $683,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,440 | $17,440 | $467,440 |
| Second mortgage | — | $450,000 | — |
| First P&I | $121.74 | $121.74 | $3,166.60 |
| Second P&I | — | $3,223.86 | — |
| Mortgage insurance | $8.17 | $8.17 | $93.49 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $504.57 | $3,728.42 | $3,634.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,550
Closing costs & prepaids$14,439
Usable credit−$0
Total buyer cash needed$66,989
Earnest money paid−$0
Remaining funds due$66,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.90
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)$624.00
Prepaid interest, first (9 days)$29.80
Prepaid interest, second (9 days)$859.93
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 closing25 yr 5 moOf the original 27-year loan at 6.93%
Interest already paid$1,936Through Dec 2026
Assumption only · ends May 2052$21,330
Assumption + second · ends May 2052, second Jan 2057$731,917
New conventional · ends Jan 2057$683,475