Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,118/mo
Lowest payment- Down payment
- $475,256
- Funds due
- $492,472
- Interest + MI left
- $386,311
- First ends
- Jul 2053
Assumption
Assumption + second
$5,948/mo
+$2,830/mo- Down payment
- $80,256
- Funds due
- $98,890
- Interest + MI left
- $1,010,049
- First ends
- Jul 2053
New loan
New conventional
$5,966/mo
+$2,848/mo- Down payment
- $80,256
- Funds due
- $95,047
- Interest + MI left
- $1,090,024
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,744 | $323,744 | $718,744 |
| Second mortgage | — | $395,000 | — |
| First P&I | $2,117.72 | $2,117.72 | $4,976.44 |
| Second P&I | — | $2,829.83 | — |
| Mortgage insurance | $154.69 | $154.69 | $143.75 |
| Taxes, insurance & HOA | $845.58 | $845.58 | $845.58 |
| Total housing payment | $3,117.99 | $5,947.82 | $5,965.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,256
Closing costs & prepaids$18,634
Usable credit−$0
Total buyer cash needed$98,890
Earnest money paid−$0
Remaining funds due$98,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,886.75
Prepaid interest, first (2 days)$114.06
Prepaid interest, second (2 days)$167.74
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 6.430%
Interest already paid$70,953Through Nov 2026
Assumption only · ends Jul 2053$386,311
Assumption + second · ends Jul 2053, second Dec 2056$1,010,049
New conventional · ends Dec 2056$1,090,024