Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,806/mo
Lowest payment- Down payment
- $357,486
- Funds due
- $374,682
- Interest + MI left
- $547,267
- First ends
- Jul 2053
Assumption
Assumption + second
$5,769/mo
+$1,963/mo- Down payment
- $83,486
- Funds due
- $102,455
- Interest + MI left
- $979,936
- First ends
- Jul 2053
New loan
New conventional
$5,718/mo
+$1,913/mo- Down payment
- $83,486
- Funds due
- $98,629
- Interest + MI left
- $1,084,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,514 | $467,514 | $741,514 |
| Second mortgage | — | $274,000 | — |
| First P&I | $3,035.18 | $3,035.18 | $5,023.27 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $223.80 | $223.80 | $148.30 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $3,805.65 | $5,768.61 | $5,718.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,486
Closing costs & prepaids$18,969
Usable credit−$0
Total buyer cash needed$102,455
Earnest money paid−$0
Remaining funds due$102,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
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)$990.00
Prepaid interest, first (9 days)$730.86
Prepaid interest, second (9 days)$523.60
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$103,658Through Dec 2026
Assumption only · ends Jul 2053$547,267
Assumption + second · ends Jul 2053, second Jan 2057$979,936
New conventional · ends Jan 2057$1,084,216