Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$616/mo
Lowest payment- Down payment
- $565,130
- Funds due
- $578,062
- Interest + MI left
- $2,585
- First ends
- Nov 2031
Assumption
Assumption + second
$4,248/mo
+$3,632/mo- Down payment
- $58,130
- Funds due
- $73,281
- Interest + MI left
- $803,181
- First ends
- Nov 2031
New loan
New conventional
$4,001/mo
+$3,386/mo- Down payment
- $58,130
- Funds due
- $69,579
- Interest + MI left
- $755,749
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,870 | $9,870 | $516,870 |
| Second mortgage | — | $507,000 | — |
| First P&I | $197.78 | $197.78 | $3,501.46 |
| Second P&I | — | $3,632.21 | — |
| Mortgage insurance | $21.25 | $21.25 | $103.37 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $615.70 | $4,247.91 | $4,001.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,130
Closing costs & prepaids$15,151
Usable credit−$0
Total buyer cash needed$73,281
Earnest money paid−$0
Remaining funds due$73,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (9 days)$16.82
Prepaid interest, second (9 days)$968.86
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 closing4 yr 11 moOf the original 30-year loan at 6.91%
Interest already paid$39,402Through Dec 2026
Assumption only · ends Nov 2031$2,585
Assumption + second · ends Nov 2031, second Jan 2057$803,181
New conventional · ends Jan 2057$755,749