Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
Lowest payment- Down payment
- $71,718
- Funds due
- $84,827
- Interest + MI left
- $606,342
- First ends
- Oct 2053
Assumption
Assumption + second
$4,262/mo
+$448/mo- Down payment
- $27,718
- Funds due
- $42,163
- Interest + MI left
- $723,752
- First ends
- Oct 2053
New loan
New conventional
$3,992/mo
+$179/mo- Down payment
- $27,718
- Funds due
- $38,830
- Interest + MI left
- $759,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,282 | $473,282 | $517,282 |
| Second mortgage | — | $44,000 | — |
| First P&I | $3,203.85 | $3,203.85 | $3,504.25 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $225.02 | $225.02 | $103.46 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $3,813.53 | $4,261.89 | $3,992.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,718
Closing costs & prepaids$14,445
Usable credit−$0
Total buyer cash needed$42,163
Earnest money paid−$0
Remaining funds due$42,163
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Prepaid interest, first (6 days)$529.82
Prepaid interest, second (6 days)$85.89
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$104,086Through Dec 2026
Assumption only · ends Oct 2053$606,342
Assumption + second · ends Oct 2053, second Jan 2057$723,752
New conventional · ends Jan 2057$759,145