Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,774/mo
Lowest payment- Down payment
- $333,370
- Funds due
- $350,263
- Interest + MI left
- $532,612
- First ends
- Apr 2053
Assumption
Assumption + second
$5,586/mo
+$1,813/mo- Down payment
- $80,370
- Funds due
- $98,997
- Interest + MI left
- $932,120
- First ends
- Apr 2053
New loan
New conventional
$5,548/mo
+$1,775/mo- Down payment
- $80,370
- Funds due
- $95,212
- Interest + MI left
- $1,050,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,630 | $465,630 | $718,630 |
| Second mortgage | — | $253,000 | — |
| First P&I | $3,013.52 | $3,013.52 | $4,868.25 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | $223.85 | $223.85 | $143.73 |
| Taxes, insurance & HOA | $536.25 | $536.25 | $536.25 |
| Total housing payment | $3,773.62 | $5,586.14 | $5,548.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,370
Closing costs & prepaids$18,627
Usable credit−$0
Total buyer cash needed$98,997
Earnest money paid−$0
Remaining funds due$98,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
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)$958.75
Prepaid interest, first (9 days)$719.88
Prepaid interest, second (9 days)$483.47
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$109,825Through Dec 2026
Assumption only · ends Apr 2053$532,612
Assumption + second · ends Apr 2053, second Jan 2057$932,120
New conventional · ends Jan 2057$1,050,756