Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,098/mo
Lowest payment- Down payment
- $106,098
- Funds due
- $120,230
- Interest + MI left
- $604,985
- First ends
- Apr 2053
Assumption
Assumption + second
$4,436/mo
+$338/mo- Down payment
- $64,098
- Funds due
- $79,542
- Interest + MI left
- $684,644
- First ends
- Apr 2053
New loan
New conventional
$4,402/mo
+$304/mo- Down payment
- $64,098
- Funds due
- $75,918
- Interest + MI left
- $834,753
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $528,902 | $528,902 | $570,902 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,423.01 | $3,423.01 | $3,867.49 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $254.27 | $254.27 | $114.18 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $4,097.94 | $4,435.89 | $4,402.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,098
Closing costs & prepaids$15,444
Usable credit−$0
Total buyer cash needed$79,542
Earnest money paid−$0
Remaining funds due$79,542
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)$545.13
Prepaid interest, second (6 days)$62.14
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 6.27%
Interest already paid$124,749Through Dec 2026
Assumption only · ends Apr 2053$604,985
Assumption + second · ends Apr 2053, second Jan 2057$684,644
New conventional · ends Jan 2057$834,753