Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,508/mo
Lowest payment- Down payment
- $53,788
- Funds due
- $66,214
- Interest + MI left
- $556,289
- First ends
- Oct 2053
Assumption
Assumption + second
$3,803/mo
+$296/mo- Down payment
- $24,788
- Funds due
- $38,521
- Interest + MI left
- $633,673
- First ends
- Oct 2053
New loan
New conventional
$3,592/mo
+$85/mo- Down payment
- $24,788
- Funds due
- $35,227
- Interest + MI left
- $679,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,212 | $434,212 | $463,212 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,939.37 | $2,939.37 | $3,137.96 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $206.44 | $206.44 | $92.64 |
| Taxes, insurance & HOA | $361.83 | $361.83 | $361.83 |
| Total housing payment | $3,507.64 | $3,803.15 | $3,592.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,788
Closing costs & prepaids$13,733
Usable credit−$0
Total buyer cash needed$38,521
Earnest money paid−$0
Remaining funds due$38,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,880.00
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)$585.50
Prepaid interest, first (6 days)$486.08
Prepaid interest, second (6 days)$56.61
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$95,493Through Dec 2026
Assumption only · ends Oct 2053$556,289
Assumption + second · ends Oct 2053, second Jan 2057$633,673
New conventional · ends Jan 2057$679,794