Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,296/mo
Lowest payment- Down payment
- $190,329
- Funds due
- $204,050
- Interest + MI left
- $453,491
- First ends
- Aug 2053
Assumption
Assumption + second
$4,272/mo
+$976/mo- Down payment
- $57,329
- Funds due
- $72,358
- Interest + MI left
- $671,818
- First ends
- Aug 2053
New loan
New conventional
$4,286/mo
+$990/mo- Down payment
- $57,329
- Funds due
- $68,751
- Interest + MI left
- $775,983
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,671 | $378,671 | $511,671 |
| Second mortgage | — | $133,000 | — |
| First P&I | $2,474.10 | $2,474.10 | $3,542.71 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $180.72 | $180.72 | $102.33 |
| Taxes, insurance & HOA | $640.83 | $640.83 | $640.83 |
| Total housing payment | $3,295.65 | $4,271.56 | $4,285.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,329
Closing costs & prepaids$15,029
Usable credit−$0
Total buyer cash needed$72,358
Earnest money paid−$0
Remaining funds due$72,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
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)$1,422.50
Prepaid interest, first (2 days)$133.42
Prepaid interest, second (2 days)$58.30
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$80,864Through Nov 2026
Assumption only · ends Aug 2053$453,491
Assumption + second · ends Aug 2053, second Dec 2056$671,818
New conventional · ends Dec 2056$775,983