Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,922/mo
Lowest payment- Down payment
- $78,483
- Funds due
- $91,231
- Interest + MI left
- $603,701
- First ends
- Mar 2053
Assumption
Assumption + second
$4,421/mo
+$499/mo- Down payment
- $29,483
- Funds due
- $43,497
- Interest + MI left
- $734,453
- First ends
- Mar 2053
New loan
New conventional
$4,198/mo
+$276/mo- Down payment
- $29,483
- Funds due
- $40,160
- Interest + MI left
- $830,150
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $496,517 | $496,517 | $545,517 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,241.52 | $3,241.52 | $3,777.05 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | $368.62 | $368.62 | $109.10 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $3,922.13 | $4,421.44 | $4,198.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,483
Closing costs & prepaids$14,013
Usable credit−$0
Total buyer cash needed$43,497
Earnest money paid−$0
Remaining funds due$43,497
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$436.00
Prepaid interest, first (1 days)$86.52
Prepaid interest, second (1 days)$15.94
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$118,744Through Nov 2026
Assumption only · ends Mar 2053$603,701
Assumption + second · ends Mar 2053, second Dec 2056$734,453
New conventional · ends Dec 2056$830,150