Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,647/mo
Lowest payment- Down payment
- $113,260
- Funds due
- $126,350
- Interest + MI left
- $561,588
- First ends
- Jan 2053
Assumption
Assumption + second
$4,122/mo
+$475/mo- Down payment
- $54,260
- Funds due
- $68,701
- Interest + MI left
- $673,490
- First ends
- Jan 2053
New loan
New conventional
$3,770/mo
+$123/mo- Down payment
- $54,260
- Funds due
- $65,109
- Interest + MI left
- $710,232
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,740 | $426,740 | $485,740 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,948.33 | $2,948.33 | $3,290.57 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $316.45 | $316.45 | $97.15 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $3,647.45 | $4,122.18 | $3,770.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,260
Closing costs & prepaids$14,441
Usable credit−$0
Total buyer cash needed$68,701
Earnest money paid−$0
Remaining funds due$68,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$648.00
Prepaid interest, first (7 days)$566.34
Prepaid interest, second (7 days)$101.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 6.92%
Interest already paid$118,553Through Dec 2026
Assumption only · ends Jan 2053$561,588
Assumption + second · ends Jan 2053, second Jan 2057$673,490
New conventional · ends Jan 2057$710,232