Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$409/mo
Lowest payment- Down payment
- $485,134
- Funds due
- $496,996
- Interest + MI left
- $20,486
- First ends
- Feb 2053
Assumption
Assumption + second
$3,526/mo
+$3,116/mo- Down payment
- $50,134
- Funds due
- $63,339
- Interest + MI left
- $707,387
- First ends
- Feb 2053
New loan
New conventional
$3,500/mo
+$3,090/mo- Down payment
- $50,134
- Funds due
- $59,784
- Interest + MI left
- $682,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,866 | $14,866 | $449,866 |
| Second mortgage | — | $435,000 | — |
| First P&I | $107.51 | $107.51 | $3,114.78 |
| Second P&I | — | $3,116.39 | — |
| Mortgage insurance | $7.02 | $7.02 | $89.97 |
| Taxes, insurance & HOA | $294.92 | $294.92 | $294.92 |
| Total housing payment | $409.45 | $3,525.85 | $3,499.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,134
Closing costs & prepaids$13,205
Usable credit−$0
Total buyer cash needed$63,339
Earnest money paid−$0
Remaining funds due$63,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$384.75
Prepaid interest, first (1 days)$3.03
Prepaid interest, second (1 days)$92.36
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 closing26 yr 3 moOf the original 29-year loan at 7.440%
Interest already paid$3,091Through Nov 2026
Assumption only · ends Feb 2053$20,486
Assumption + second · ends Feb 2053, second Dec 2056$707,387
New conventional · ends Dec 2056$682,252