Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$453/mo
Lowest payment- Down payment
- $541,539
- Funds due
- $554,077
- Interest + MI left
- $21,437
- First ends
- May 2052
Assumption
Assumption + second
$3,928/mo
+$3,475/mo- Down payment
- $56,539
- Funds due
- $70,430
- Interest + MI left
- $787,292
- First ends
- May 2052
New loan
New conventional
$3,903/mo
+$3,450/mo- Down payment
- $56,539
- Funds due
- $66,810
- Interest + MI left
- $761,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,461 | $17,461 | $502,461 |
| Second mortgage | — | $485,000 | — |
| First P&I | $121.74 | $121.74 | $3,478.94 |
| Second P&I | — | $3,474.60 | — |
| Mortgage insurance | $8.17 | $8.17 | $100.49 |
| Taxes, insurance & HOA | $323.17 | $323.17 | $323.17 |
| Total housing payment | $453.07 | $3,927.67 | $3,902.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,539
Closing costs & prepaids$13,891
Usable credit−$0
Total buyer cash needed$70,430
Earnest money paid−$0
Remaining funds due$70,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,590.00
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)$469.50
Prepaid interest, first (1 days)$3.32
Prepaid interest, second (1 days)$102.98
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 closing25 yr 6 moOf the original 27-year loan at 6.930%
Interest already paid$1,835Through Nov 2026
Assumption only · ends May 2052$21,437
Assumption + second · ends May 2052, second Dec 2056$787,292
New conventional · ends Dec 2056$761,915