Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$714/mo
Lowest payment- Down payment
- $484,168
- Funds due
- $496,930
- Interest + MI left
- $18,257
- First ends
- Dec 2050
Assumption
Assumption + second
$3,823/mo
+$3,109/mo- Down payment
- $50,168
- Funds due
- $64,548
- Interest + MI left
- $703,579
- First ends
- Dec 2050
New loan
New conventional
$3,708/mo
+$2,993/mo- Down payment
- $50,168
- Funds due
- $60,967
- Interest + MI left
- $649,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,832 | $15,832 | $449,832 |
| Second mortgage | — | $434,000 | — |
| First P&I | $110.66 | $110.66 | $3,026.05 |
| Second P&I | — | $3,109.23 | — |
| Mortgage insurance | $11.88 | $11.88 | $89.97 |
| Taxes, insurance & HOA | $591.67 | $591.67 | $591.67 |
| Total housing payment | $714.20 | $3,823.43 | $3,707.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,168
Closing costs & prepaids$14,380
Usable credit−$0
Total buyer cash needed$64,548
Earnest money paid−$0
Remaining funds due$64,548
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)$1,275.00
Prepaid interest, first (4 days)$11.62
Prepaid interest, second (4 days)$368.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing24 yrOf the original 28-year loan at 6.7%
Interest already paid$4,376Through Dec 2026
Assumption only · ends Dec 2050$18,257
Assumption + second · ends Dec 2050, second Jan 2057$703,579
New conventional · ends Jan 2057$649,982