Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,620/mo
Lowest payment- Down payment
- $53,702
- Funds due
- $65,892
- Interest + MI left
- $575,015
- First ends
- Sep 2053
Assumption
Assumption + second
$3,906/mo
+$285/mo- Down payment
- $25,702
- Funds due
- $39,151
- Interest + MI left
- $649,731
- First ends
- Sep 2053
New loan
New conventional
$3,794/mo
+$173/mo- Down payment
- $25,702
- Funds due
- $35,849
- Interest + MI left
- $737,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,298 | $456,298 | $484,298 |
| Second mortgage | — | $28,000 | — |
| First P&I | $3,059.48 | $3,059.48 | $3,353.18 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $217.09 | $217.09 | $96.86 |
| Taxes, insurance & HOA | $343.67 | $343.67 | $343.67 |
| Total housing payment | $3,620.23 | $3,905.55 | $3,793.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,702
Closing costs & prepaids$13,449
Usable credit−$0
Total buyer cash needed$39,151
Earnest money paid−$0
Remaining funds due$39,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$531.00
Prepaid interest, first (1 days)$83.88
Prepaid interest, second (1 days)$9.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.710%
Interest already paid$98,912Through Nov 2026
Assumption only · ends Sep 2053$575,015
Assumption + second · ends Sep 2053, second Dec 2056$649,731
New conventional · ends Dec 2056$737,086