Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,914/mo
Lowest payment- Down payment
- $69,439
- Funds due
- $83,042
- Interest + MI left
- $598,171
- First ends
- Jun 2053
Assumption
Assumption + second
$4,332/mo
+$418/mo- Down payment
- $28,439
- Funds due
- $43,412
- Interest + MI left
- $707,576
- First ends
- Jun 2053
New loan
New conventional
$4,135/mo
+$221/mo- Down payment
- $28,439
- Funds due
- $40,108
- Interest + MI left
- $787,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,561 | $495,561 | $536,561 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,283.93 | $3,283.93 | $3,634.85 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $237.14 | $237.14 | $107.31 |
| Taxes, insurance & HOA | $392.67 | $392.67 | $392.67 |
| Total housing payment | $3,913.74 | $4,331.53 | $4,134.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,439
Closing costs & prepaids$14,972
Usable credit−$0
Total buyer cash needed$43,412
Earnest money paid−$0
Remaining funds due$43,412
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Prepaid interest, first (9 days)$799.14
Prepaid interest, second (9 days)$120.05
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$116,088Through Dec 2026
Assumption only · ends Jun 2053$598,171
Assumption + second · ends Jun 2053, second Jan 2057$707,576
New conventional · ends Jan 2057$787,438