Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$390/mo
Lowest payment- Down payment
- $506,370
- Funds due
- $518,420
- Interest + MI left
- $17,384
- First ends
- Jun 2053
Assumption
Assumption + second
$3,642/mo
+$3,253/mo- Down payment
- $52,370
- Funds due
- $65,766
- Interest + MI left
- $734,288
- First ends
- Jun 2053
New loan
New conventional
$3,622/mo
+$3,232/mo- Down payment
- $52,370
- Funds due
- $62,188
- Interest + MI left
- $709,041
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,530 | $13,530 | $467,530 |
| Second mortgage | — | $454,000 | — |
| First P&I | $92.68 | $92.68 | $3,237.08 |
| Second P&I | — | $3,252.51 | — |
| Mortgage insurance | $6.38 | $6.38 | $93.51 |
| Taxes, insurance & HOA | $290.92 | $290.92 | $290.92 |
| Total housing payment | $389.98 | $3,642.49 | $3,621.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,370
Closing costs & prepaids$13,396
Usable credit−$0
Total buyer cash needed$65,766
Earnest money paid−$0
Remaining funds due$65,766
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$372.75
Prepaid interest, first (1 days)$2.56
Prepaid interest, second (1 days)$96.40
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 closing26 yr 7 moOf the original 29-year loan at 6.900%
Interest already paid$2,291Through Nov 2026
Assumption only · ends Jun 2053$17,384
Assumption + second · ends Jun 2053, second Dec 2056$734,288
New conventional · ends Dec 2056$709,041