Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,233/mo
Lowest payment- Down payment
- $534,281
- Funds due
- $546,925
- Interest + MI left
- $74
- First ends
- Jan 2027
Assumption
Assumption + second
$4,672/mo
+$3,439/mo- Down payment
- $54,281
- Funds due
- $69,093
- Interest + MI left
- $758,035
- First ends
- Jan 2027
New loan
New conventional
$3,792/mo
+$2,559/mo- Down payment
- $54,281
- Funds due
- $65,432
- Interest + MI left
- $702,891
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $719 | $719 | $480,719 |
| Second mortgage | — | $480,000 | — |
| First P&I | $723.93 | $723.93 | $3,256.56 |
| Second P&I | — | $3,438.78 | — |
| Mortgage insurance | $69.49 | $69.49 | $96.14 |
| Taxes, insurance & HOA | $439.34 | $439.34 | $439.34 |
| Total housing payment | $1,232.75 | $4,671.53 | $3,792.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,281
Closing costs & prepaids$14,812
Usable credit−$0
Total buyer cash needed$69,093
Earnest money paid−$0
Remaining funds due$69,093
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)$642.00
Initial HOA (3 months)$176.01
Prepaid interest, first (9 days)$1.43
Prepaid interest, second (9 days)$917.26
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 closing1 moOf the original 30-year loan at 8.06%
Interest already paid$162,510Through Dec 2026
Assumption only · ends Jan 2027$74
Assumption + second · ends Jan 2027, second Jan 2057$758,035
New conventional · ends Jan 2057$702,891