Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,170/mo
Lowest payment- Down payment
- $505,616
- Funds due
- $518,081
- Interest + MI left
- $3,397
- First ends
- Jun 2029
Assumption
Assumption + second
$4,415/mo
+$3,245/mo- Down payment
- $52,616
- Funds due
- $66,427
- Interest + MI left
- $718,722
- First ends
- Jun 2029
New loan
New conventional
$3,777/mo
+$2,607/mo- Down payment
- $52,616
- Funds due
- $62,846
- Interest + MI left
- $716,402
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,384 | $19,384 | $472,384 |
| Second mortgage | — | $453,000 | — |
| First P&I | $684.10 | $684.10 | $3,270.69 |
| Second P&I | — | $3,245.35 | — |
| Mortgage insurance | $73.88 | $73.88 | $94.48 |
| Taxes, insurance & HOA | $411.92 | $411.92 | $411.92 |
| Total housing payment | $1,169.89 | $4,415.24 | $3,777.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,616
Closing costs & prepaids$13,811
Usable credit−$0
Total buyer cash needed$66,427
Earnest money paid−$0
Remaining funds due$66,427
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)$501.75
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$3.64
Prepaid interest, second (1 days)$96.18
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 closing2 yr 7 moOf the original 30-year loan at 6.860%
Interest already paid$140,157Through Nov 2026
Assumption only · ends Jun 2029$3,397
Assumption + second · ends Jun 2029, second Dec 2056$718,722
New conventional · ends Dec 2056$716,402