Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$348/mo
Lowest payment- Down payment
- $534,672
- Funds due
- $546,913
- Interest + MI left
- $11,136
- First ends
- Nov 2050
Assumption
Assumption + second
$3,786/mo
+$3,439/mo- Down payment
- $54,672
- Funds due
- $68,265
- Interest + MI left
- $769,097
- First ends
- Nov 2050
New loan
New conventional
$3,764/mo
+$3,417/mo- Down payment
- $54,672
- Funds due
- $64,664
- Interest + MI left
- $743,615
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,328 | $10,328 | $490,328 |
| Second mortgage | — | $480,000 | — |
| First P&I | $71.42 | $71.42 | $3,394.93 |
| Second P&I | — | $3,438.78 | — |
| Mortgage insurance | $4.81 | $4.81 | $98.07 |
| Taxes, insurance & HOA | $271.42 | $271.42 | $271.42 |
| Total housing payment | $347.64 | $3,786.42 | $3,764.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,672
Closing costs & prepaids$13,593
Usable credit−$0
Total buyer cash needed$68,265
Earnest money paid−$0
Remaining funds due$68,265
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$314.25
Prepaid interest, first (1 days)$1.86
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 closing24 yrOf the original 25-year loan at 6.580%
Interest already paid$686Through Nov 2026
Assumption only · ends Nov 2050$11,136
Assumption + second · ends Nov 2050, second Dec 2056$769,097
New conventional · ends Dec 2056$743,615