Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,332/mo
Lowest payment- Down payment
- $232,771
- Funds due
- $247,071
- Interest + MI left
- $506,678
- First ends
- Sep 2053
Assumption
Assumption + second
$4,565/mo
+$1,233/mo- Down payment
- $64,771
- Funds due
- $80,652
- Interest + MI left
- $782,459
- First ends
- Sep 2053
New loan
New conventional
$4,427/mo
+$1,095/mo- Down payment
- $64,771
- Funds due
- $76,972
- Interest + MI left
- $839,618
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,229 | $406,229 | $574,229 |
| Second mortgage | — | $168,000 | — |
| First P&I | $2,716.37 | $2,716.37 | $3,890.03 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $193.54 | $193.54 | $114.85 |
| Taxes, insurance & HOA | $422.25 | $422.25 | $422.25 |
| Total housing payment | $3,332.15 | $4,564.88 | $4,427.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,771
Closing costs & prepaids$15,881
Usable credit−$0
Total buyer cash needed$80,652
Earnest money paid−$0
Remaining funds due$80,652
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,390.00
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)$766.75
Prepaid interest, first (9 days)$668.11
Prepaid interest, second (9 days)$331.40
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 9 moOf the original 30-year loan at 6.67%
Interest already paid$89,905Through Dec 2026
Assumption only · ends Sep 2053$506,678
Assumption + second · ends Sep 2053, second Jan 2057$782,459
New conventional · ends Jan 2057$839,618