Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,230/mo
Lowest payment- Down payment
- $69,866
- Funds due
- $81,694
- Interest + MI left
- $505,336
- First ends
- Jul 2053
Assumption
Assumption + second
$3,678/mo
+$448/mo- Down payment
- $25,866
- Funds due
- $38,973
- Interest + MI left
- $622,746
- First ends
- Jul 2053
New loan
New conventional
$3,612/mo
+$383/mo- Down payment
- $25,866
- Funds due
- $35,679
- Interest + MI left
- $721,522
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,134 | $430,134 | $474,134 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,789.15 | $2,789.15 | $3,282.81 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $205.66 | $205.66 | $94.83 |
| Taxes, insurance & HOA | $234.75 | $234.75 | $234.75 |
| Total housing payment | $3,229.56 | $3,677.92 | $3,612.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,866
Closing costs & prepaids$13,107
Usable credit−$0
Total buyer cash needed$38,973
Earnest money paid−$0
Remaining funds due$38,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$204.25
Prepaid interest, first (2 days)$149.43
Prepaid interest, second (2 days)$28.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.340%
Interest already paid$92,983Through Nov 2026
Assumption only · ends Jul 2053$505,336
Assumption + second · ends Jul 2053, second Dec 2056$622,746
New conventional · ends Dec 2056$721,522