Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,632/mo
Lowest payment- Down payment
- $118,234
- Funds due
- $131,933
- Interest + MI left
- $545,242
- First ends
- Jul 2053
Assumption
Assumption + second
$4,115/mo
+$483/mo- Down payment
- $58,234
- Funds due
- $73,316
- Interest + MI left
- $659,040
- First ends
- Jul 2053
New loan
New conventional
$4,038/mo
+$406/mo- Down payment
- $58,234
- Funds due
- $69,746
- Interest + MI left
- $762,908
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $461,766 | $461,766 | $521,766 |
| Second mortgage | — | $60,000 | — |
| First P&I | $3,012.45 | $3,012.45 | $3,534.62 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $220.97 | $220.97 | $104.35 |
| Taxes, insurance & HOA | $398.67 | $398.67 | $398.67 |
| Total housing payment | $3,632.08 | $4,114.85 | $4,037.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,234
Closing costs & prepaids$15,082
Usable credit−$0
Total buyer cash needed$73,316
Earnest money paid−$0
Remaining funds due$73,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$696.00
Prepaid interest, first (9 days)$727.57
Prepaid interest, second (9 days)$133.15
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 6.39%
Interest already paid$103,170Through Dec 2026
Assumption only · ends Jul 2053$545,242
Assumption + second · ends Jul 2053, second Jan 2057$659,040
New conventional · ends Jan 2057$762,908