Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,676/mo
Lowest payment- Down payment
- $87,864
- Funds due
- $102,757
- Interest + MI left
- $714,524
- First ends
- Aug 2053
Assumption
Assumption + second
$5,216/mo
+$540/mo- Down payment
- $34,864
- Funds due
- $51,110
- Interest + MI left
- $855,950
- First ends
- Aug 2053
New loan
New conventional
$5,049/mo
+$373/mo- Down payment
- $34,864
- Funds due
- $47,754
- Interest + MI left
- $968,793
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $607,136 | $607,136 | $660,136 |
| Second mortgage | — | $53,000 | — |
| First P&I | $3,940.72 | $3,940.72 | $4,471.99 |
| Second P&I | — | $540.07 | — |
| Mortgage insurance | $290.27 | $290.27 | $132.03 |
| Taxes, insurance & HOA | $444.67 | $444.67 | $444.67 |
| Total housing payment | $4,675.66 | $5,215.73 | $5,048.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,864
Closing costs & prepaids$16,246
Usable credit−$0
Total buyer cash needed$51,110
Earnest money paid−$0
Remaining funds due$51,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,950.00
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)$834.00
Prepaid interest, first (6 days)$633.75
Prepaid interest, second (6 days)$103.46
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 6.35%
Interest already paid$131,448Through Dec 2026
Assumption only · ends Aug 2053$714,524
Assumption + second · ends Aug 2053, second Jan 2057$855,950
New conventional · ends Jan 2057$968,793