Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,579/mo
Lowest payment- Down payment
- $142,067
- Funds due
- $155,824
- Interest + MI left
- $554,303
- First ends
- Sep 2053
Assumption
Assumption + second
$4,247/mo
+$668/mo- Down payment
- $59,067
- Funds due
- $74,259
- Interest + MI left
- $711,724
- First ends
- Sep 2053
New loan
New conventional
$4,069/mo
+$490/mo- Down payment
- $59,067
- Funds due
- $70,634
- Interest + MI left
- $769,001
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,933 | $442,933 | $525,933 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,967.48 | $2,967.48 | $3,562.85 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $210.99 | $210.99 | $105.19 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $3,579.14 | $4,246.98 | $4,068.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,067
Closing costs & prepaids$15,192
Usable credit−$0
Total buyer cash needed$74,259
Earnest money paid−$0
Remaining funds due$74,259
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Prepaid interest, first (9 days)$730.66
Prepaid interest, second (9 days)$184.19
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 9 moOf the original 30-year loan at 6.69%
Interest already paid$98,315Through Dec 2026
Assumption only · ends Sep 2053$554,303
Assumption + second · ends Sep 2053, second Jan 2057$711,724
New conventional · ends Jan 2057$769,001