Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,701/mo
Lowest payment- Down payment
- $72,482
- Funds due
- $85,692
- Interest + MI left
- $551,155
- First ends
- Jun 2053
Assumption
Assumption + second
$4,150/mo
+$448/mo- Down payment
- $28,482
- Funds due
- $43,042
- Interest + MI left
- $668,565
- First ends
- Jun 2053
New loan
New conventional
$4,024/mo
+$322/mo- Down payment
- $28,482
- Funds due
- $39,750
- Interest + MI left
- $765,257
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $477,518 | $477,518 | $521,518 |
| Second mortgage | — | $44,000 | — |
| First P&I | $3,085.83 | $3,085.83 | $3,532.94 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $228.98 | $228.98 | $104.30 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $3,701.47 | $4,149.83 | $4,023.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,482
Closing costs & prepaids$14,560
Usable credit−$0
Total buyer cash needed$43,042
Earnest money paid−$0
Remaining funds due$43,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (7 days)$575.11
Prepaid interest, second (7 days)$100.21
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 6 moOf the original 30-year loan at 6.28%
Interest already paid$107,531Through Dec 2026
Assumption only · ends Jun 2053$551,155
Assumption + second · ends Jun 2053, second Jan 2057$668,565
New conventional · ends Jan 2057$765,257