Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,070/mo
Lowest payment- Down payment
- $122,643
- Funds due
- $136,277
- Interest + MI left
- $655,294
- First ends
- Oct 2053
Assumption
Assumption + second
$4,553/mo
+$483/mo- Down payment
- $62,643
- Funds due
- $77,556
- Interest + MI left
- $769,093
- First ends
- Oct 2053
New loan
New conventional
$4,393/mo
+$323/mo- Down payment
- $62,643
- Funds due
- $73,886
- Interest + MI left
- $845,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $497,357 | $497,357 | $557,357 |
| Second mortgage | — | $60,000 | — |
| First P&I | $3,411.52 | $3,411.52 | $3,859.03 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $235.98 | $235.98 | $111.47 |
| Taxes, insurance & HOA | $422.83 | $422.83 | $422.83 |
| Total housing payment | $4,070.33 | $4,553.11 | $4,393.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,643
Closing costs & prepaids$14,913
Usable credit−$0
Total buyer cash needed$77,556
Earnest money paid−$0
Remaining funds due$77,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,200.00
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)$768.50
Prepaid interest, first (2 days)$189.68
Prepaid interest, second (2 days)$29.59
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$108,728Through Nov 2026
Assumption only · ends Oct 2053$655,294
Assumption + second · ends Oct 2053, second Dec 2056$769,093
New conventional · ends Dec 2056$845,158