Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,166/mo
Lowest payment- Down payment
- $77,397
- Funds due
- $91,016
- Interest + MI left
- $682,838
- First ends
- Nov 2053
Assumption
Assumption + second
$4,655/mo
+$489/mo- Down payment
- $29,397
- Funds due
- $44,359
- Interest + MI left
- $810,921
- First ends
- Nov 2053
New loan
New conventional
$4,276/mo
+$110/mo- Down payment
- $29,397
- Funds due
- $40,986
- Interest + MI left
- $815,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,603 | $507,603 | $555,603 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,524.83 | $3,524.83 | $3,763.85 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $240.64 | $240.64 | $111.12 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $4,166.14 | $4,655.26 | $4,275.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,397
Closing costs & prepaids$14,962
Usable credit−$0
Total buyer cash needed$44,359
Earnest money paid−$0
Remaining funds due$44,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Prepaid interest, first (6 days)$591.60
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 11 moOf the original 30-year loan at 7.09%
Interest already paid$112,992Through Dec 2026
Assumption only · ends Nov 2053$682,838
Assumption + second · ends Nov 2053, second Jan 2057$810,921
New conventional · ends Jan 2057$815,384