Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,991/mo
Lowest payment- Down payment
- $78,922
- Funds due
- $92,744
- Interest + MI left
- $586,532
- First ends
- Aug 2053
Assumption
Assumption + second
$4,480/mo
+$489/mo- Down payment
- $30,922
- Funds due
- $46,088
- Interest + MI left
- $714,615
- First ends
- Aug 2053
New loan
New conventional
$4,444/mo
+$453/mo- Down payment
- $30,922
- Funds due
- $42,795
- Interest + MI left
- $848,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $530,378 | $530,378 | $578,378 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,326.10 | $3,326.10 | $3,918.13 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $254.27 | $254.27 | $115.68 |
| Taxes, insurance & HOA | $410.42 | $410.42 | $410.42 |
| Total housing payment | $3,990.79 | $4,479.91 | $4,444.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,922
Closing costs & prepaids$15,166
Usable credit−$0
Total buyer cash needed$46,088
Earnest money paid−$0
Remaining funds due$46,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,093.00
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)$731.25
Prepaid interest, first (6 days)$523.11
Prepaid interest, second (6 days)$93.70
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 8 moOf the original 30-year loan at 6%
Interest already paid$108,656Through Dec 2026
Assumption only · ends Aug 2053$586,532
Assumption + second · ends Aug 2053, second Jan 2057$714,615
New conventional · ends Jan 2057$848,808