Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,800/mo
Lowest payment- Down payment
- $71,203
- Funds due
- $83,918
- Interest + MI left
- $609,212
- First ends
- Oct 2053
Assumption
Assumption + second
$4,238/mo
+$438/mo- Down payment
- $28,203
- Funds due
- $42,196
- Interest + MI left
- $723,953
- First ends
- Oct 2053
New loan
New conventional
$4,052/mo
+$253/mo- Down payment
- $28,203
- Funds due
- $38,868
- Interest + MI left
- $786,445
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,797 | $473,797 | $516,797 |
| Second mortgage | — | $43,000 | — |
| First P&I | $3,203.85 | $3,203.85 | $3,578.20 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $225.02 | $225.02 | $103.36 |
| Taxes, insurance & HOA | $370.92 | $370.92 | $370.92 |
| Total housing payment | $3,799.78 | $4,237.95 | $4,052.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,203
Closing costs & prepaids$13,993
Usable credit−$0
Total buyer cash needed$42,196
Earnest money paid−$0
Remaining funds due$42,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$612.75
Prepaid interest, first (2 days)$176.80
Prepaid interest, second (2 days)$27.98
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$101,397Through Nov 2026
Assumption only · ends Oct 2053$609,212
Assumption + second · ends Oct 2053, second Dec 2056$723,953
New conventional · ends Dec 2056$786,445