Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,787/mo
Lowest payment- Down payment
- $132,999
- Funds due
- $145,387
- Interest + MI left
- $412,869
- First ends
- Aug 2053
Assumption
Assumption + second
$3,471/mo
+$684/mo- Down payment
- $47,999
- Funds due
- $61,826
- Interest + MI left
- $574,084
- First ends
- Aug 2053
New loan
New conventional
$3,364/mo
+$577/mo- Down payment
- $47,999
- Funds due
- $58,322
- Interest + MI left
- $630,195
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,001 | $346,001 | $431,001 |
| Second mortgage | — | $85,000 | — |
| First P&I | $2,263.31 | $2,263.31 | $2,919.75 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $165.32 | $165.32 | $86.20 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $2,786.88 | $3,470.81 | $3,364.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,999
Closing costs & prepaids$13,827
Usable credit−$0
Total buyer cash needed$61,826
Earnest money paid−$0
Remaining funds due$61,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$574.75
Prepaid interest, first (9 days)$548.58
Prepaid interest, second (9 days)$188.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.43%
Interest already paid$75,831Through Dec 2026
Assumption only · ends Aug 2053$412,869
Assumption + second · ends Aug 2053, second Jan 2057$574,084
New conventional · ends Jan 2057$630,195