Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,105/mo
Lowest payment- Down payment
- $155,021
- Funds due
- $169,605
- Interest + MI left
- $608,231
- First ends
- Mar 2053
Assumption
Assumption + second
$4,805/mo
+$700/mo- Down payment
- $68,021
- Funds due
- $83,984
- Interest + MI left
- $773,239
- First ends
- Mar 2053
New loan
New conventional
$4,670/mo
+$565/mo- Down payment
- $68,021
- Funds due
- $80,292
- Interest + MI left
- $887,504
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,979 | $519,979 | $606,979 |
| Second mortgage | — | $87,000 | — |
| First P&I | $3,418.53 | $3,418.53 | $4,111.89 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $249.97 | $249.97 | $121.40 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $4,105.16 | $4,805.18 | $4,669.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,021
Closing costs & prepaids$15,962
Usable credit−$0
Total buyer cash needed$83,984
Earnest money paid−$0
Remaining funds due$83,984
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Prepaid interest, first (6 days)$548.76
Prepaid interest, second (6 days)$128.71
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 3 moOf the original 30-year loan at 6.42%
Interest already paid$128,433Through Dec 2026
Assumption only · ends Mar 2053$608,231
Assumption + second · ends Mar 2053, second Jan 2057$773,239
New conventional · ends Jan 2057$887,504