Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$601/mo
Lowest payment- Down payment
- $499,075
- Funds due
- $511,514
- Interest + MI left
- $15,629
- First ends
- Jun 2045
Assumption
Assumption + second
$3,796/mo
+$3,195/mo- Down payment
- $53,075
- Funds due
- $67,616
- Interest + MI left
- $719,900
- First ends
- Jun 2045
New loan
New conventional
$3,705/mo
+$3,104/mo- Down payment
- $53,075
- Funds due
- $64,000
- Interest + MI left
- $697,343
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,925 | $30,925 | $476,925 |
| Second mortgage | — | $446,000 | — |
| First P&I | $192.42 | $192.42 | $3,230.86 |
| Second P&I | — | $3,195.20 | — |
| Mortgage insurance | $29.65 | $29.65 | $95.38 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $600.74 | $3,795.94 | $3,704.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,075
Closing costs & prepaids$14,541
Usable credit−$0
Total buyer cash needed$67,616
Earnest money paid−$0
Remaining funds due$67,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Prepaid interest, first (9 days)$28.14
Prepaid interest, second (9 days)$852.29
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 closing18 yr 6 moOf the original 30-year loan at 3.69%
Interest already paid$15,623Through Dec 2026
Assumption only · ends Jun 2045$15,629
Assumption + second · ends Jun 2045, second Jan 2057$719,900
New conventional · ends Jan 2057$697,343