Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,007/mo
Lowest payment- Down payment
- $79,093
- Funds due
- $92,786
- Interest + MI left
- $600,797
- First ends
- Mar 2053
Assumption
Assumption + second
$4,516/mo
+$510/mo- Down payment
- $29,093
- Funds due
- $44,182
- Interest + MI left
- $734,217
- First ends
- Mar 2053
New loan
New conventional
$4,204/mo
+$197/mo- Down payment
- $29,093
- Funds due
- $40,884
- Interest + MI left
- $801,154
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,907 | $495,907 | $545,907 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,241.52 | $3,241.52 | $3,698.16 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | $368.62 | $368.62 | $109.18 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $4,006.80 | $4,516.30 | $4,204.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,093
Closing costs & prepaids$15,089
Usable credit−$0
Total buyer cash needed$44,182
Earnest money paid−$0
Remaining funds due$44,182
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (9 days)$777.69
Prepaid interest, second (9 days)$146.40
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$121,375Through Dec 2026
Assumption only · ends Mar 2053$600,797
Assumption + second · ends Mar 2053, second Jan 2057$734,217
New conventional · ends Jan 2057$801,154