Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,919/mo
Lowest payment- Down payment
- $71,912
- Funds due
- $84,824
- Interest + MI left
- $607,492
- First ends
- Jul 2053
Assumption
Assumption + second
$4,347/mo
+$428/mo- Down payment
- $29,912
- Funds due
- $44,088
- Interest + MI left
- $719,565
- First ends
- Jul 2053
New loan
New conventional
$4,302/mo
+$383/mo- Down payment
- $29,912
- Funds due
- $40,748
- Interest + MI left
- $850,802
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,088 | $517,088 | $559,088 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,352.98 | $3,352.98 | $3,871.01 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $247.24 | $247.24 | $111.82 |
| Taxes, insurance & HOA | $319.08 | $319.08 | $319.08 |
| Total housing payment | $3,919.30 | $4,347.29 | $4,301.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,912
Closing costs & prepaids$14,176
Usable credit−$0
Total buyer cash needed$44,088
Earnest money paid−$0
Remaining funds due$44,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,890.00
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)$457.25
Prepaid interest, first (1 days)$89.82
Prepaid interest, second (1 days)$13.66
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$111,780Through Nov 2026
Assumption only · ends Jul 2053$607,492
Assumption + second · ends Jul 2053, second Dec 2056$719,565
New conventional · ends Dec 2056$850,802