Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$472/mo
Lowest payment- Down payment
- $501,385
- Funds due
- $513,650
- Interest + MI left
- $17,301
- First ends
- Jun 2053
Assumption
Assumption + second
$3,688/mo
+$3,217/mo- Down payment
- $52,385
- Funds due
- $66,758
- Interest + MI left
- $726,310
- First ends
- Jun 2053
New loan
New conventional
$3,598/mo
+$3,127/mo- Down payment
- $52,385
- Funds due
- $63,122
- Interest + MI left
- $676,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,515 | $13,515 | $462,515 |
| Second mortgage | — | $449,000 | — |
| First P&I | $92.68 | $92.68 | $3,133.24 |
| Second P&I | — | $3,216.69 | — |
| Mortgage insurance | $6.38 | $6.38 | $92.50 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $471.73 | $3,688.42 | $3,598.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,385
Closing costs & prepaids$14,373
Usable credit−$0
Total buyer cash needed$66,758
Earnest money paid−$0
Remaining funds due$66,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.00
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)$618.00
Prepaid interest, first (9 days)$22.99
Prepaid interest, second (9 days)$858.02
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 29-year loan at 6.9%
Interest already paid$2,369Through Dec 2026
Assumption only · ends Jun 2053$17,301
Assumption + second · ends Jun 2053, second Jan 2057$726,310
New conventional · ends Jan 2057$676,181