Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,182/mo
Lowest payment- Down payment
- $142,843
- Funds due
- $155,901
- Interest + MI left
- $489,982
- First ends
- Aug 2053
Assumption
Assumption + second
$3,898/mo
+$716/mo- Down payment
- $53,843
- Funds due
- $68,349
- Interest + MI left
- $658,783
- First ends
- Aug 2053
New loan
New conventional
$3,700/mo
+$517/mo- Down payment
- $53,843
- Funds due
- $64,759
- Interest + MI left
- $696,125
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,157 | $387,157 | $476,157 |
| Second mortgage | — | $89,000 | — |
| First P&I | $2,619.11 | $2,619.11 | $3,225.65 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $184.51 | $184.51 | $95.23 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $3,182.29 | $3,898.41 | $3,699.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,843
Closing costs & prepaids$14,506
Usable credit−$0
Total buyer cash needed$68,349
Earnest money paid−$0
Remaining funds due$68,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Prepaid interest, first (9 days)$647.24
Prepaid interest, second (9 days)$197.51
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 8 moOf the original 30-year loan at 6.78%
Interest already paid$89,348Through Dec 2026
Assumption only · ends Aug 2053$489,982
Assumption + second · ends Aug 2053, second Jan 2057$658,783
New conventional · ends Jan 2057$696,125