Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,619/mo
Lowest payment- Down payment
- $332,792
- Funds due
- $348,583
- Interest + MI left
- $535,214
- First ends
- Apr 2053
Assumption
Assumption + second
$5,425/mo
+$1,805/mo- Down payment
- $80,792
- Funds due
- $97,886
- Interest + MI left
- $933,143
- First ends
- Apr 2053
New loan
New conventional
$5,498/mo
+$1,879/mo- Down payment
- $80,792
- Funds due
- $94,040
- Interest + MI left
- $1,089,067
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,208 | $466,208 | $718,208 |
| Second mortgage | — | $252,000 | — |
| First P&I | $3,013.52 | $3,013.52 | $4,972.73 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $223.85 | $223.85 | $143.64 |
| Taxes, insurance & HOA | $381.92 | $381.92 | $381.92 |
| Total housing payment | $3,619.29 | $5,424.64 | $5,498.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,792
Closing costs & prepaids$17,094
Usable credit−$0
Total buyer cash needed$97,886
Earnest money paid−$0
Remaining funds due$97,886
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$495.75
Prepaid interest, first (1 days)$80.09
Prepaid interest, second (1 days)$53.51
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$107,389Through Nov 2026
Assumption only · ends Apr 2053$535,214
Assumption + second · ends Apr 2053, second Dec 2056$933,143
New conventional · ends Dec 2056$1,089,067