Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,122/mo
Lowest payment- Down payment
- $98,423
- Funds due
- $112,193
- Interest + MI left
- $633,326
- First ends
- Nov 2053
Assumption
Assumption + second
$4,452/mo
+$330/mo- Down payment
- $57,423
- Funds due
- $72,463
- Interest + MI left
- $711,088
- First ends
- Nov 2053
New loan
New conventional
$4,285/mo
+$163/mo- Down payment
- $57,423
- Funds due
- $68,844
- Interest + MI left
- $775,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,577 | $470,577 | $511,577 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,258.20 | $3,258.20 | $3,542.06 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $222.88 | $222.88 | $102.32 |
| Taxes, insurance & HOA | $640.83 | $640.83 | $640.83 |
| Total housing payment | $4,121.92 | $4,451.81 | $4,285.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,423
Closing costs & prepaids$15,040
Usable credit−$0
Total buyer cash needed$72,463
Earnest money paid−$0
Remaining funds due$72,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
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)$1,422.50
Prepaid interest, first (2 days)$182.30
Prepaid interest, second (2 days)$20.22
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 closing27 yrOf the original 30-year loan at 7.070%
Interest already paid$101,581Through Nov 2026
Assumption only · ends Nov 2053$633,326
Assumption + second · ends Nov 2053, second Dec 2056$711,088
New conventional · ends Dec 2056$775,841