Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$445/mo
Lowest payment- Down payment
- $598,999
- Funds due
- $612,298
- Interest + MI left
- $1
- First ends
- Jul 2052
Assumption
Assumption + second
$4,306/mo
+$3,861/mo- Down payment
- $59,999
- Funds due
- $74,663
- Interest + MI left
- $851,127
- First ends
- Jul 2052
New loan
New conventional
$4,284/mo
+$3,840/mo- Down payment
- $59,999
- Funds due
- $71,007
- Interest + MI left
- $817,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1 | $1 | $539,001 |
| Second mortgage | — | $539,000 | — |
| First P&I | $0.01 | $0.01 | $3,731.93 |
| Second P&I | — | $3,861.46 | — |
| Mortgage insurance | $0.00 | $0.00 | $107.80 |
| Taxes, insurance & HOA | $444.67 | $444.67 | $444.67 |
| Total housing payment | $444.67 | $4,306.13 | $4,284.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,999
Closing costs & prepaids$14,663
Usable credit−$0
Total buyer cash needed$74,663
Earnest money paid−$0
Remaining funds due$74,663
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$456.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$0.00
Prepaid interest, second (1 days)$114.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 4.640%
Interest already paid$0Through Nov 2026
Assumption only · ends Jul 2052$1
Assumption + second · ends Jul 2052, second Dec 2056$851,127
New conventional · ends Dec 2056$817,431