Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,014/mo
Lowest payment- Down payment
- $107,719
- Funds due
- $121,116
- Interest + MI left
- $648,780
- First ends
- Nov 2053
Assumption
Assumption + second
$4,441/mo
+$426/mo- Down payment
- $54,719
- Funds due
- $69,392
- Interest + MI left
- $749,302
- First ends
- Nov 2053
New loan
New conventional
$4,066/mo
+$52/mo- Down payment
- $54,719
- Funds due
- $65,781
- Interest + MI left
- $734,348
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,281 | $431,281 | $484,281 |
| Second mortgage | — | $53,000 | — |
| First P&I | $3,194.88 | $3,194.88 | $3,353.06 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $203.41 | $203.41 | $96.86 |
| Taxes, insurance & HOA | $615.83 | $615.83 | $615.83 |
| Total housing payment | $4,014.13 | $4,440.58 | $4,065.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,719
Closing costs & prepaids$14,673
Usable credit−$0
Total buyer cash needed$69,392
Earnest money paid−$0
Remaining funds due$69,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$1,347.50
Prepaid interest, first (2 days)$184.33
Prepaid interest, second (2 days)$26.14
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 closing27 yrOf the original 30-year loan at 7.800%
Interest already paid$102,484Through Nov 2026
Assumption only · ends Nov 2053$648,780
Assumption + second · ends Nov 2053, second Dec 2056$749,302
New conventional · ends Dec 2056$734,348