Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
Lowest payment- Down payment
- $143,576
- Funds due
- $157,634
- Interest + MI left
- $534,357
- First ends
- Jul 2053
Assumption
Assumption + second
$4,482/mo
+$668/mo- Down payment
- $60,576
- Funds due
- $75,925
- Interest + MI left
- $691,779
- First ends
- Jul 2053
New loan
New conventional
$4,484/mo
+$671/mo- Down payment
- $60,576
- Funds due
- $72,289
- Interest + MI left
- $818,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,424 | $456,424 | $539,424 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,953.85 | $2,953.85 | $3,734.86 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $218.27 | $218.27 | $107.88 |
| Taxes, insurance & HOA | $641.58 | $641.58 | $641.58 |
| Total housing payment | $3,813.70 | $4,481.54 | $4,484.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,576
Closing costs & prepaids$15,349
Usable credit−$0
Total buyer cash needed$75,925
Earnest money paid−$0
Remaining funds due$75,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$1,424.75
Prepaid interest, first (2 days)$158.06
Prepaid interest, second (2 days)$40.93
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 8 moOf the original 30-year loan at 6.320%
Interest already paid$98,363Through Nov 2026
Assumption only · ends Jul 2053$534,357
Assumption + second · ends Jul 2053, second Dec 2056$691,779
New conventional · ends Dec 2056$818,073