Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$480/mo
Lowest payment- Down payment
- $579,990
- Funds due
- $592,649
- Interest + MI left
- $2,657
- First ends
- Nov 2031
Assumption
Assumption + second
$4,205/mo
+$3,725/mo- Down payment
- $59,990
- Funds due
- $74,009
- Interest + MI left
- $823,781
- First ends
- Nov 2031
New loan
New conventional
$4,036/mo
+$3,557/mo- Down payment
- $59,990
- Funds due
- $70,354
- Interest + MI left
- $803,690
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,010 | $10,010 | $530,010 |
| Second mortgage | — | $520,000 | — |
| First P&I | $197.78 | $197.78 | $3,669.68 |
| Second P&I | — | $3,725.34 | — |
| Mortgage insurance | $21.25 | $21.25 | $106.00 |
| Taxes, insurance & HOA | $260.58 | $260.58 | $260.58 |
| Total housing payment | $479.61 | $4,204.96 | $4,036.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,990
Closing costs & prepaids$14,019
Usable credit−$0
Total buyer cash needed$74,009
Earnest money paid−$0
Remaining funds due$74,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,900.00
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)$281.75
Prepaid interest, first (1 days)$1.90
Prepaid interest, second (1 days)$110.41
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 closing5 yrOf the original 30-year loan at 6.910%
Interest already paid$39,344Through Nov 2026
Assumption only · ends Nov 2031$2,657
Assumption + second · ends Nov 2031, second Dec 2056$823,781
New conventional · ends Dec 2056$803,690