Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,519/mo
Lowest payment- Down payment
- $66,899
- Funds due
- $79,715
- Interest + MI left
- $510,275
- First ends
- Apr 2053
Assumption
Assumption + second
$3,927/mo
+$408/mo- Down payment
- $26,899
- Funds due
- $41,043
- Interest + MI left
- $617,011
- First ends
- Apr 2053
New loan
New conventional
$3,851/mo
+$332/mo- Down payment
- $26,899
- Funds due
- $37,773
- Interest + MI left
- $730,896
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $458,101 | $458,101 | $498,101 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,921.80 | $2,921.80 | $3,374.31 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $220.52 | $220.52 | $99.62 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $3,518.99 | $3,926.59 | $3,850.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,899
Closing costs & prepaids$14,144
Usable credit−$0
Total buyer cash needed$41,043
Earnest money paid−$0
Remaining funds due$41,043
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (6 days)$460.86
Prepaid interest, second (6 days)$78.08
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 6.12%
Interest already paid$105,536Through Dec 2026
Assumption only · ends Apr 2053$510,275
Assumption + second · ends Apr 2053, second Jan 2057$617,011
New conventional · ends Jan 2057$730,896