Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$953/mo
Lowest payment- Down payment
- $617,690
- Funds due
- $632,303
- Interest + MI left
- $43,999
- First ends
- May 2053
Assumption
Assumption + second
$4,908/mo
+$3,955/mo- Down payment
- $65,690
- Funds due
- $81,787
- Interest + MI left
- $915,653
- First ends
- May 2053
New loan
New conventional
$4,871/mo
+$3,918/mo- Down payment
- $65,690
- Funds due
- $78,070
- Interest + MI left
- $886,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,310 | $32,310 | $584,310 |
| Second mortgage | — | $552,000 | — |
| First P&I | $229.77 | $229.77 | $4,045.64 |
| Second P&I | — | $3,954.60 | — |
| Mortgage insurance | $15.23 | $15.23 | $116.86 |
| Taxes, insurance & HOA | $708.33 | $708.33 | $708.33 |
| Total housing payment | $953.33 | $4,907.93 | $4,870.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,690
Closing costs & prepaids$16,097
Usable credit−$0
Total buyer cash needed$81,787
Earnest money paid−$0
Remaining funds due$81,787
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$1,625.00
Prepaid interest, first (2 days)$12.91
Prepaid interest, second (2 days)$234.41
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 6 moOf the original 29-year loan at 7.290%
Interest already paid$5,977Through Nov 2026
Assumption only · ends May 2053$43,999
Assumption + second · ends May 2053, second Dec 2056$915,653
New conventional · ends Dec 2056$886,029