Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,324/mo
Lowest payment- Down payment
- $130,240
- Funds due
- $145,146
- Interest + MI left
- $633,962
- First ends
- Oct 2053
Assumption
Assumption + second
$4,855/mo
+$531/mo- Down payment
- $64,240
- Funds due
- $80,478
- Interest + MI left
- $759,140
- First ends
- Oct 2053
New loan
New conventional
$4,687/mo
+$363/mo- Down payment
- $64,240
- Funds due
- $76,803
- Interest + MI left
- $834,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $504,750 | $504,750 | $570,750 |
| Second mortgage | — | $66,000 | — |
| First P&I | $3,377.86 | $3,377.86 | $3,866.46 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $240.17 | $240.17 | $114.15 |
| Taxes, insurance & HOA | $706.42 | $706.42 | $706.42 |
| Total housing payment | $4,324.45 | $4,855.50 | $4,687.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,240
Closing costs & prepaids$16,238
Usable credit−$0
Total buyer cash needed$80,478
Earnest money paid−$0
Remaining funds due$80,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,349.90
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)$1,619.25
Prepaid interest, first (5 days)$462.57
Prepaid interest, second (5 days)$81.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 10 moOf the original 30-year loan at 6.69%
Interest already paid$109,097Through Dec 2026
Assumption only · ends Oct 2053$633,962
Assumption + second · ends Oct 2053, second Jan 2057$759,140
New conventional · ends Jan 2057$834,531