Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
Lowest payment- Down payment
- $169,477
- Funds due
- $181,999
- Interest + MI left
- $467,166
- First ends
- Aug 2053
Assumption
Assumption + second
$3,851/mo
+$822/mo- Down payment
- $57,477
- Funds due
- $71,274
- Interest + MI left
- $651,020
- First ends
- Aug 2053
New loan
New conventional
$3,892/mo
+$862/mo- Down payment
- $57,477
- Funds due
- $67,658
- Interest + MI left
- $769,591
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,523 | $395,523 | $507,523 |
| Second mortgage | — | $112,000 | — |
| First P&I | $2,564.15 | $2,564.15 | $3,513.99 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $188.87 | $188.87 | $101.50 |
| Taxes, insurance & HOA | $276.08 | $276.08 | $276.08 |
| Total housing payment | $3,029.11 | $3,850.93 | $3,891.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,477
Closing costs & prepaids$13,797
Usable credit−$0
Total buyer cash needed$71,274
Earnest money paid−$0
Remaining funds due$71,274
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$328.25
Prepaid interest, first (1 days)$68.81
Prepaid interest, second (1 days)$24.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.350%
Interest already paid$83,438Through Nov 2026
Assumption only · ends Aug 2053$467,166
Assumption + second · ends Aug 2053, second Dec 2056$651,020
New conventional · ends Dec 2056$769,591