Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$690/mo
Lowest payment- Down payment
- $482,604
- Funds due
- $495,303
- Interest + MI left
- $18,092
- First ends
- Jan 2053
Assumption
Assumption + second
$3,785/mo
+$3,095/mo- Down payment
- $50,604
- Funds due
- $64,645
- Interest + MI left
- $700,256
- First ends
- Jan 2053
New loan
New conventional
$3,771/mo
+$3,082/mo- Down payment
- $50,604
- Funds due
- $61,085
- Interest + MI left
- $679,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,396 | $16,396 | $448,396 |
| Second mortgage | — | $432,000 | — |
| First P&I | $104.85 | $104.85 | $3,104.60 |
| Second P&I | — | $3,094.90 | — |
| Mortgage insurance | $7.72 | $7.72 | $89.68 |
| Taxes, insurance & HOA | $577.17 | $577.17 | $577.17 |
| Total housing payment | $689.73 | $3,784.63 | $3,771.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,604
Closing costs & prepaids$14,041
Usable credit−$0
Total buyer cash needed$64,645
Earnest money paid−$0
Remaining funds due$64,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$826.50
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$2.75
Prepaid interest, second (1 days)$91.73
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 2 moOf the original 28-year loan at 6.120%
Interest already paid$1,866Through Nov 2026
Assumption only · ends Jan 2053$18,092
Assumption + second · ends Jan 2053, second Dec 2056$700,256
New conventional · ends Dec 2056$679,933