Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,525/mo
Lowest payment- Down payment
- $52,979
- Funds due
- $65,077
- Interest + MI left
- $549,388
- First ends
- Aug 2053
Assumption
Assumption + second
$3,800/mo
+$275/mo- Down payment
- $25,979
- Funds due
- $39,336
- Interest + MI left
- $621,435
- First ends
- Aug 2053
New loan
New conventional
$3,781/mo
+$256/mo- Down payment
- $25,979
- Funds due
- $36,036
- Interest + MI left
- $744,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $461,921 | $461,921 | $488,921 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,006.31 | $3,006.31 | $3,385.19 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $220.52 | $220.52 | $97.78 |
| Taxes, insurance & HOA | $297.92 | $297.92 | $297.92 |
| Total housing payment | $3,524.74 | $3,799.87 | $3,780.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,979
Closing costs & prepaids$13,357
Usable credit−$0
Total buyer cash needed$39,336
Earnest money paid−$0
Remaining funds due$39,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.00
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)$393.75
Prepaid interest, first (1 days)$80.87
Prepaid interest, second (1 days)$8.78
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 6.390%
Interest already paid$98,043Through Nov 2026
Assumption only · ends Aug 2053$549,388
Assumption + second · ends Aug 2053, second Dec 2056$621,435
New conventional · ends Dec 2056$744,122