Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,308/mo
Lowest payment- Down payment
- $122,613
- Funds due
- $137,226
- Interest + MI left
- $641,829
- First ends
- Apr 2053
Assumption
Assumption + second
$4,751/mo
+$443/mo- Down payment
- $67,613
- Funds due
- $83,557
- Interest + MI left
- $746,145
- First ends
- Apr 2053
New loan
New conventional
$4,673/mo
+$365/mo- Down payment
- $67,613
- Funds due
- $79,889
- Interest + MI left
- $888,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $552,387 | $552,387 | $607,387 |
| Second mortgage | — | $55,000 | — |
| First P&I | $3,606.26 | $3,606.26 | $4,114.65 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $265.36 | $265.36 | $121.48 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $4,308.28 | $4,750.82 | $4,672.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,613
Closing costs & prepaids$15,944
Usable credit−$0
Total buyer cash needed$83,557
Earnest money paid−$0
Remaining funds due$83,557
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Prepaid interest, first (6 days)$577.51
Prepaid interest, second (6 days)$81.37
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 4 moOf the original 30-year loan at 6.36%
Interest already paid$132,105Through Dec 2026
Assumption only · ends Apr 2053$641,829
Assumption + second · ends Apr 2053, second Jan 2057$746,145
New conventional · ends Jan 2057$888,100