Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,954/mo
Lowest payment- Down payment
- $784,370
- Funds due
- $806,315
- Interest + MI left
- $532,612
- First ends
- Apr 2053
Assumption
Assumption + second
$8,675/mo
+$4,721/mo- Down payment
- $125,370
- Funds due
- $149,824
- Interest + MI left
- $1,573,228
- First ends
- Apr 2053
New loan
New conventional
$8,560/mo
+$4,606/mo- Down payment
- $125,370
- Funds due
- $145,532
- Interest + MI left
- $1,644,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,630 | $465,630 | $1,124,630 |
| Second mortgage | — | $659,000 | — |
| First P&I | $3,013.52 | $3,013.52 | $7,618.64 |
| Second P&I | — | $4,721.16 | — |
| Mortgage insurance | $223.85 | $223.85 | $224.93 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $3,954.04 | $8,675.19 | $8,560.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,370
Closing costs & prepaids$24,454
Usable credit−$0
Total buyer cash needed$149,824
Earnest money paid−$0
Remaining funds due$149,824
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,500.00
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)$1,500.00
Prepaid interest, first (9 days)$719.88
Prepaid interest, second (9 days)$1,259.32
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$109,825Through Dec 2026
Assumption only · ends Apr 2053$532,612
Assumption + second · ends Apr 2053, second Jan 2057$1,573,228
New conventional · ends Jan 2057$1,644,395