Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,224/mo
Lowest payment- Down payment
- $99,699
- Funds due
- $113,861
- Interest + MI left
- $646,141
- First ends
- Jun 2053
Assumption
Assumption + second
$4,514/mo
+$290/mo- Down payment
- $63,699
- Funds due
- $79,164
- Interest + MI left
- $714,420
- First ends
- Jun 2053
New loan
New conventional
$4,405/mo
+$181/mo- Down payment
- $63,699
- Funds due
- $75,523
- Interest + MI left
- $835,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $535,301 | $535,301 | $571,301 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,547.28 | $3,547.28 | $3,870.19 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $256.16 | $256.16 | $114.26 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $4,224.10 | $4,513.77 | $4,405.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,699
Closing costs & prepaids$15,466
Usable credit−$0
Total buyer cash needed$79,164
Earnest money paid−$0
Remaining funds due$79,164
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,350.00
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)$762.00
Prepaid interest, first (6 days)$575.49
Prepaid interest, second (6 days)$53.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 6.54%
Interest already paid$125,397Through Dec 2026
Assumption only · ends Jun 2053$646,141
Assumption + second · ends Jun 2053, second Jan 2057$714,420
New conventional · ends Jan 2057$835,337