Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,002/mo
Lowest payment- Down payment
- $72,533
- Funds due
- $86,412
- Interest + MI left
- $604,570
- First ends
- Jul 2053
Assumption
Assumption + second
$4,441/mo
+$438/mo- Down payment
- $29,533
- Funds due
- $44,788
- Interest + MI left
- $719,312
- First ends
- Jul 2053
New loan
New conventional
$4,304/mo
+$302/mo- Down payment
- $29,533
- Funds due
- $41,500
- Interest + MI left
- $821,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,467 | $516,467 | $559,467 |
| Second mortgage | — | $43,000 | — |
| First P&I | $3,352.98 | $3,352.98 | $3,790.02 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $247.24 | $247.24 | $111.89 |
| Taxes, insurance & HOA | $402.25 | $402.25 | $402.25 |
| Total housing payment | $4,002.47 | $4,440.64 | $4,304.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,533
Closing costs & prepaids$15,255
Usable credit−$0
Total buyer cash needed$44,788
Earnest money paid−$0
Remaining funds due$44,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,890.00
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)$706.75
Prepaid interest, first (9 days)$807.39
Prepaid interest, second (9 days)$125.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 6.34%
Interest already paid$114,512Through Dec 2026
Assumption only · ends Jul 2053$604,570
Assumption + second · ends Jul 2053, second Jan 2057$719,312
New conventional · ends Jan 2057$821,054