Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,152/mo
Lowest payment- Down payment
- $533,567
- Funds due
- $545,967
- Interest + MI left
- $153
- First ends
- Jan 2027
Assumption
Assumption + second
$4,591/mo
+$3,439/mo- Down payment
- $53,567
- Funds due
- $67,319
- Interest + MI left
- $758,114
- First ends
- Jan 2027
New loan
New conventional
$3,788/mo
+$2,636/mo- Down payment
- $53,567
- Funds due
- $63,729
- Interest + MI left
- $730,126
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,433 | $1,433 | $481,433 |
| Second mortgage | — | $480,000 | — |
| First P&I | $723.93 | $723.93 | $3,333.34 |
| Second P&I | — | $3,438.78 | — |
| Mortgage insurance | $69.49 | $69.49 | $96.29 |
| Taxes, insurance & HOA | $358.50 | $358.50 | $358.50 |
| Total housing payment | $1,151.92 | $4,590.70 | $3,788.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,567
Closing costs & prepaids$13,753
Usable credit−$0
Total buyer cash needed$67,319
Earnest money paid−$0
Remaining funds due$67,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$399.50
Initial HOA (3 months)$176.01
Prepaid interest, first (1 days)$0.32
Prepaid interest, second (1 days)$101.92
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 closing2 moOf the original 30-year loan at 8.060%
Interest already paid$162,501Through Nov 2026
Assumption only · ends Jan 2027$153
Assumption + second · ends Jan 2027, second Dec 2056$758,114
New conventional · ends Dec 2056$730,126