Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,737/mo
Lowest payment- Down payment
- $783,792
- Funds due
- $804,446
- Interest + MI left
- $535,214
- First ends
- Apr 2053
Assumption
Assumption + second
$8,451/mo
+$4,714/mo- Down payment
- $125,792
- Funds due
- $147,836
- Interest + MI left
- $1,574,251
- First ends
- Apr 2053
New loan
New conventional
$8,508/mo
+$4,771/mo- Down payment
- $125,792
- Funds due
- $143,536
- Interest + MI left
- $1,704,937
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,208 | $466,208 | $1,124,208 |
| Second mortgage | — | $658,000 | — |
| First P&I | $3,013.52 | $3,013.52 | $7,783.79 |
| Second P&I | — | $4,713.99 | — |
| Mortgage insurance | $223.85 | $223.85 | $224.84 |
| Taxes, insurance & HOA | $499.67 | $499.67 | $499.67 |
| Total housing payment | $3,737.04 | $8,451.03 | $8,508.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,792
Closing costs & prepaids$22,044
Usable credit−$0
Total buyer cash needed$147,836
Earnest money paid−$0
Remaining funds due$147,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$849.00
Prepaid interest, first (1 days)$80.09
Prepaid interest, second (1 days)$139.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.270%
Interest already paid$107,389Through Nov 2026
Assumption only · ends Apr 2053$535,214
Assumption + second · ends Apr 2053, second Dec 2056$1,574,251
New conventional · ends Dec 2056$1,704,937