Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,596/mo
Lowest payment- Down payment
- $60,477
- Funds due
- $73,017
- Interest + MI left
- $532,489
- First ends
- Aug 2053
Assumption
Assumption + second
$3,963/mo
+$367/mo- Down payment
- $24,477
- Funds due
- $38,279
- Interest + MI left
- $628,551
- First ends
- Aug 2053
New loan
New conventional
$3,804/mo
+$208/mo- Down payment
- $24,477
- Funds due
- $34,987
- Interest + MI left
- $691,678
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,523 | $418,523 | $454,523 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,830.87 | $2,830.87 | $3,147.03 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $199.23 | $199.23 | $90.90 |
| Taxes, insurance & HOA | $565.83 | $565.83 | $565.83 |
| Total housing payment | $3,595.93 | $3,962.77 | $3,803.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,477
Closing costs & prepaids$13,802
Usable credit−$0
Total buyer cash needed$38,279
Earnest money paid−$0
Remaining funds due$38,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$1,197.50
Prepaid interest, first (1 days)$77.86
Prepaid interest, second (1 days)$11.71
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 6.790%
Interest already paid$94,251Through Nov 2026
Assumption only · ends Aug 2053$532,489
Assumption + second · ends Aug 2053, second Dec 2056$628,551
New conventional · ends Dec 2056$691,678