Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,168/mo
+$21/mo- Down payment
- $80,674
- Funds due
- $94,122
- Interest + MI left
- $658,242
- First ends
- Dec 2053
Assumption
Assumption + second
$4,369/mo
+$222/mo- Down payment
- $55,674
- Funds due
- $70,378
- Interest + MI left
- $705,658
- First ends
- Dec 2053
New loan
New conventional
$4,148/mo
Lowest payment- Down payment
- $55,674
- Funds due
- $66,771
- Interest + MI left
- $749,572
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $469,321 | $469,321 | $494,321 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,320.22 | $3,320.22 | $3,422.58 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $221.75 | $221.75 | $98.86 |
| Taxes, insurance & HOA | $626.17 | $626.17 | $626.17 |
| Total housing payment | $4,168.14 | $4,369.30 | $4,147.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,674
Closing costs & prepaids$14,704
Usable credit−$0
Total buyer cash needed$70,378
Earnest money paid−$0
Remaining funds due$70,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.95
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)$1,378.50
Prepaid interest, first (1 days)$93.99
Prepaid interest, second (1 days)$6.16
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 closing27 yr 1 moOf the original 30-year loan at 7.310%
Interest already paid$101,708Through Nov 2026
Assumption only · ends Dec 2053$658,242
Assumption + second · ends Dec 2053, second Dec 2056$705,658
New conventional · ends Dec 2056$749,572