Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,361/mo
Lowest payment- Down payment
- $70,382
- Funds due
- $83,129
- Interest + MI left
- $502,906
- First ends
- Jul 2053
Assumption
Assumption + second
$3,820/mo
+$459/mo- Down payment
- $25,382
- Funds due
- $39,511
- Interest + MI left
- $622,984
- First ends
- Jul 2053
New loan
New conventional
$3,677/mo
+$315/mo- Down payment
- $25,382
- Funds due
- $36,243
- Interest + MI left
- $696,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,618 | $429,618 | $474,618 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,789.15 | $2,789.15 | $3,215.23 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $205.66 | $205.66 | $94.92 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,361.48 | $3,820.03 | $3,676.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,382
Closing costs & prepaids$14,128
Usable credit−$0
Total buyer cash needed$39,511
Earnest money paid−$0
Remaining funds due$39,511
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (9 days)$671.62
Prepaid interest, second (9 days)$131.76
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$95,256Through Dec 2026
Assumption only · ends Jul 2053$502,906
Assumption + second · ends Jul 2053, second Jan 2057$622,984
New conventional · ends Jan 2057$696,533