Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,861/mo
Lowest payment- Down payment
- $68,860
- Funds due
- $81,593
- Interest + MI left
- $601,057
- First ends
- Jun 2053
Assumption
Assumption + second
$4,269/mo
+$408/mo- Down payment
- $28,860
- Funds due
- $42,856
- Interest + MI left
- $707,793
- First ends
- Jun 2053
New loan
New conventional
$4,159/mo
+$298/mo- Down payment
- $28,860
- Funds due
- $39,525
- Interest + MI left
- $815,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $496,140 | $496,140 | $536,140 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,283.93 | $3,283.93 | $3,712.13 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $237.14 | $237.14 | $107.23 |
| Taxes, insurance & HOA | $339.83 | $339.83 | $339.83 |
| Total housing payment | $3,860.90 | $4,268.50 | $4,159.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,860
Closing costs & prepaids$13,996
Usable credit−$0
Total buyer cash needed$42,856
Earnest money paid−$0
Remaining funds due$42,856
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$519.50
Prepaid interest, first (1 days)$88.90
Prepaid interest, second (1 days)$13.01
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$113,384Through Nov 2026
Assumption only · ends Jun 2053$601,057
Assumption + second · ends Jun 2053, second Dec 2056$707,793
New conventional · ends Dec 2056$815,880