Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,002/mo
Lowest payment- Down payment
- $460,775
- Funds due
- $472,476
- Interest + MI left
- $2,291
- First ends
- Dec 2028
Assumption
Assumption + second
$3,961/mo
+$2,959/mo- Down payment
- $47,775
- Funds due
- $60,902
- Interest + MI left
- $654,453
- First ends
- Dec 2028
New loan
New conventional
$3,367/mo
+$2,365/mo- Down payment
- $47,775
- Funds due
- $57,366
- Interest + MI left
- $647,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,225 | $14,225 | $427,225 |
| Second mortgage | — | $413,000 | — |
| First P&I | $610.56 | $610.56 | $2,958.02 |
| Second P&I | — | $2,958.78 | — |
| Mortgage insurance | $67.72 | $67.72 | $85.45 |
| Taxes, insurance & HOA | $323.58 | $323.58 | $323.58 |
| Total housing payment | $1,001.86 | $3,960.64 | $3,367.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,775
Closing costs & prepaids$13,126
Usable credit−$0
Total buyer cash needed$60,902
Earnest money paid−$0
Remaining funds due$60,902
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$470.75
Prepaid interest, first (2 days)$5.14
Prepaid interest, second (2 days)$175.38
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 closing2 yr 1 moOf the original 30-year loan at 6.600%
Interest already paid$123,161Through Nov 2026
Assumption only · ends Dec 2028$2,291
Assumption + second · ends Dec 2028, second Dec 2056$654,453
New conventional · ends Dec 2056$647,915