Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,174/mo
Lowest payment- Down payment
- $72,518
- Funds due
- $86,385
- Interest + MI left
- $624,535
- First ends
- Oct 2053
Assumption
Assumption + second
$4,623/mo
+$448/mo- Down payment
- $28,518
- Funds due
- $43,692
- Interest + MI left
- $741,944
- First ends
- Oct 2053
New loan
New conventional
$4,324/mo
+$150/mo- Down payment
- $28,518
- Funds due
- $40,350
- Interest + MI left
- $770,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $487,482 | $487,482 | $531,482 |
| Second mortgage | — | $44,000 | — |
| First P&I | $3,299.97 | $3,299.97 | $3,575.31 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $231.77 | $231.77 | $106.30 |
| Taxes, insurance & HOA | $642.67 | $642.67 | $642.67 |
| Total housing payment | $4,174.41 | $4,622.77 | $4,324.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,518
Closing costs & prepaids$15,174
Usable credit−$0
Total buyer cash needed$43,692
Earnest money paid−$0
Remaining funds due$43,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$1,428.00
Prepaid interest, first (4 days)$363.81
Prepaid interest, second (4 days)$57.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.81%
Interest already paid$107,209Through Dec 2026
Assumption only · ends Oct 2053$624,535
Assumption + second · ends Oct 2053, second Jan 2057$741,944
New conventional · ends Jan 2057$770,831