Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$457/mo
Lowest payment- Down payment
- $559,524
- Funds due
- $572,461
- Interest + MI left
- $695
- First ends
- Jan 2054
Assumption
Assumption + second
$4,061/mo
+$3,604/mo- Down payment
- $56,524
- Funds due
- $71,672
- Interest + MI left
- $794,974
- First ends
- Jan 2054
New loan
New conventional
$3,965/mo
+$3,508/mo- Down payment
- $56,524
- Funds due
- $67,986
- Interest + MI left
- $736,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $476 | $476 | $503,476 |
| Second mortgage | — | $503,000 | — |
| First P&I | $3.45 | $3.45 | $3,410.72 |
| Second P&I | — | $3,603.55 | — |
| Mortgage insurance | $0.22 | $0.22 | $100.70 |
| Taxes, insurance & HOA | $453.67 | $453.67 | $453.67 |
| Total housing payment | $457.34 | $4,060.89 | $3,965.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,524
Closing costs & prepaids$15,148
Usable credit−$0
Total buyer cash needed$71,672
Earnest money paid−$0
Remaining funds due$71,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$0.89
Prepaid interest, second (9 days)$961.21
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 closing27 yr 1 moOf the original 30-year loan at 7.57%
Interest already paid$107Through Dec 2026
Assumption only · ends Jan 2054$695
Assumption + second · ends Jan 2054, second Jan 2057$794,974
New conventional · ends Jan 2057$736,165