Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,213/mo
Lowest payment- Down payment
- $506,190
- Funds due
- $518,811
- Interest + MI left
- $3,244
- First ends
- Jun 2029
Assumption
Assumption + second
$4,458/mo
+$3,245/mo- Down payment
- $53,190
- Funds due
- $67,926
- Interest + MI left
- $718,569
- First ends
- Jun 2029
New loan
New conventional
$3,745/mo
+$2,533/mo- Down payment
- $53,190
- Funds due
- $64,282
- Interest + MI left
- $689,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,810 | $18,810 | $471,810 |
| Second mortgage | — | $453,000 | — |
| First P&I | $684.10 | $684.10 | $3,196.21 |
| Second P&I | — | $3,245.35 | — |
| Mortgage insurance | $73.88 | $73.88 | $94.36 |
| Taxes, insurance & HOA | $454.67 | $454.67 | $454.67 |
| Total housing payment | $1,212.64 | $4,457.99 | $3,745.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,190
Closing costs & prepaids$14,736
Usable credit−$0
Total buyer cash needed$67,926
Earnest money paid−$0
Remaining funds due$67,926
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$31.82
Prepaid interest, second (9 days)$865.66
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 closing2 yr 6 moOf the original 30-year loan at 6.86%
Interest already paid$140,268Through Dec 2026
Assumption only · ends Jun 2029$3,244
Assumption + second · ends Jun 2029, second Jan 2057$718,569
New conventional · ends Jan 2057$689,864