Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,421/mo
Lowest payment- Down payment
- $167,665
- Funds due
- $181,393
- Interest + MI left
- $536,613
- First ends
- Nov 2053
Assumption
Assumption + second
$4,221/mo
+$800/mo- Down payment
- $58,665
- Funds due
- $73,858
- Interest + MI left
- $715,542
- First ends
- Nov 2053
New loan
New conventional
$4,072/mo
+$651/mo- Down payment
- $58,665
- Funds due
- $70,237
- Interest + MI left
- $769,589
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,335 | $417,335 | $526,335 |
| Second mortgage | — | $109,000 | — |
| First P&I | $2,822.05 | $2,822.05 | $3,565.58 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $198.20 | $198.20 | $105.27 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $3,420.91 | $4,220.72 | $4,071.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,665
Closing costs & prepaids$15,193
Usable credit−$0
Total buyer cash needed$73,858
Earnest money paid−$0
Remaining funds due$73,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Prepaid interest, first (9 days)$700.78
Prepaid interest, second (9 days)$215.01
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 11 moOf the original 30-year loan at 6.81%
Interest already paid$89,314Through Dec 2026
Assumption only · ends Nov 2053$536,613
Assumption + second · ends Nov 2053, second Jan 2057$715,542
New conventional · ends Jan 2057$769,589