Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,129/mo
Lowest payment- Down payment
- $50,304
- Funds due
- $61,989
- Interest + MI left
- $471,951
- First ends
- Jul 2053
Assumption
Assumption + second
$3,404/mo
+$275/mo- Down payment
- $23,304
- Funds due
- $36,292
- Interest + MI left
- $543,998
- First ends
- Jul 2053
New loan
New conventional
$3,306/mo
+$177/mo- Down payment
- $23,304
- Funds due
- $33,040
- Interest + MI left
- $626,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,696 | $399,696 | $426,696 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,607.52 | $2,607.52 | $2,890.59 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $191.26 | $191.26 | $85.34 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $3,128.78 | $3,403.91 | $3,305.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,304
Closing costs & prepaids$12,988
Usable credit−$0
Total buyer cash needed$36,292
Earnest money paid−$0
Remaining funds due$36,292
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Prepaid interest, first (6 days)$419.84
Prepaid interest, second (6 days)$52.71
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$89,302Through Dec 2026
Assumption only · ends Jul 2053$471,951
Assumption + second · ends Jul 2053, second Jan 2057$543,998
New conventional · ends Jan 2057$626,119