Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,648/mo
Lowest payment- Down payment
- $356,924
- Funds due
- $372,999
- Interest + MI left
- $549,911
- First ends
- Jul 2053
Assumption
Assumption + second
$5,611/mo
+$1,963/mo- Down payment
- $82,924
- Funds due
- $100,307
- Interest + MI left
- $982,580
- First ends
- Jul 2053
New loan
New conventional
$5,676/mo
+$2,027/mo- Down payment
- $82,924
- Funds due
- $96,439
- Interest + MI left
- $1,125,408
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,076 | $468,076 | $742,076 |
| Second mortgage | — | $274,000 | — |
| First P&I | $3,035.18 | $3,035.18 | $5,137.98 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $223.80 | $223.80 | $148.42 |
| Taxes, insurance & HOA | $389.50 | $389.50 | $389.50 |
| Total housing payment | $3,648.48 | $5,611.45 | $5,675.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,924
Closing costs & prepaids$17,383
Usable credit−$0
Total buyer cash needed$100,307
Earnest money paid−$0
Remaining funds due$100,307
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
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)$518.50
Prepaid interest, first (1 days)$81.30
Prepaid interest, second (1 days)$58.18
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$101,185Through Nov 2026
Assumption only · ends Jul 2053$549,911
Assumption + second · ends Jul 2053, second Dec 2056$982,580
New conventional · ends Dec 2056$1,125,408