Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$411/mo
Lowest payment- Down payment
- $492,235
- Funds due
- $504,276
- Interest + MI left
- $9,767
- First ends
- Aug 2053
Assumption
Assumption + second
$3,577/mo
+$3,167/mo- Down payment
- $50,235
- Funds due
- $63,620
- Interest + MI left
- $707,722
- First ends
- Aug 2053
New loan
New conventional
$3,558/mo
+$3,148/mo- Down payment
- $50,235
- Funds due
- $60,063
- Interest + MI left
- $681,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,665 | $7,665 | $449,665 |
| Second mortgage | — | $442,000 | — |
| First P&I | $51.94 | $51.94 | $3,113.39 |
| Second P&I | — | $3,166.54 | — |
| Mortgage insurance | $3.57 | $3.57 | $89.93 |
| Taxes, insurance & HOA | $355.08 | $355.08 | $355.08 |
| Total housing payment | $410.60 | $3,577.14 | $3,558.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,235
Closing costs & prepaids$13,385
Usable credit−$0
Total buyer cash needed$63,620
Earnest money paid−$0
Remaining funds due$63,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$412.25
Initial HOA (3 months)$153.00
Prepaid interest, first (1 days)$1.43
Prepaid interest, second (1 days)$93.85
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 9 moOf the original 28-year loan at 6.810%
Interest already paid$658Through Nov 2026
Assumption only · ends Aug 2053$9,767
Assumption + second · ends Aug 2053, second Dec 2056$707,722
New conventional · ends Dec 2056$681,947