Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$824/mo
Lowest payment- Down payment
- $477,660
- Funds due
- $489,401
- Interest + MI left
- $269
- First ends
- Apr 2027
Assumption
Assumption + second
$3,897/mo
+$3,073/mo- Down payment
- $48,660
- Funds due
- $61,833
- Interest + MI left
- $677,697
- First ends
- Apr 2027
New loan
New conventional
$3,394/mo
+$2,570/mo- Down payment
- $48,660
- Funds due
- $58,288
- Interest + MI left
- $653,918
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,240 | $2,240 | $431,240 |
| Second mortgage | — | $429,000 | — |
| First P&I | $456.66 | $456.66 | $2,985.82 |
| Second P&I | — | $3,073.41 | — |
| Mortgage insurance | $45.19 | $45.19 | $86.25 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $823.85 | $3,897.26 | $3,394.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,660
Closing costs & prepaids$13,173
Usable credit−$0
Total buyer cash needed$61,833
Earnest money paid−$0
Remaining funds due$61,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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)$466.00
Prepaid interest, first (2 days)$0.95
Prepaid interest, second (2 days)$182.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing5 moOf the original 30-year loan at 7.740%
Interest already paid$100,550Through Nov 2026
Assumption only · ends Apr 2027$269
Assumption + second · ends Apr 2027, second Dec 2056$677,697
New conventional · ends Dec 2056$653,918