Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,121/mo
Lowest payment- Down payment
- $155,330
- Funds due
- $169,414
- Interest + MI left
- $654,875
- First ends
- Sep 2053
Assumption
Assumption + second
$4,821/mo
+$700/mo- Down payment
- $68,330
- Funds due
- $83,707
- Interest + MI left
- $819,883
- First ends
- Sep 2053
New loan
New conventional
$4,711/mo
+$590/mo- Down payment
- $68,330
- Funds due
- $79,985
- Interest + MI left
- $919,935
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,670 | $519,670 | $606,670 |
| Second mortgage | — | $87,000 | — |
| First P&I | $3,484.38 | $3,484.38 | $4,200.46 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $247.24 | $247.24 | $121.33 |
| Taxes, insurance & HOA | $389.17 | $389.17 | $389.17 |
| Total housing payment | $4,120.79 | $4,820.81 | $4,710.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,330
Closing costs & prepaids$15,376
Usable credit−$0
Total buyer cash needed$83,707
Earnest money paid−$0
Remaining funds due$83,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$667.50
Prepaid interest, first (2 days)$191.07
Prepaid interest, second (2 days)$42.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 6.710%
Interest already paid$112,649Through Nov 2026
Assumption only · ends Sep 2053$654,875
Assumption + second · ends Sep 2053, second Dec 2056$819,883
New conventional · ends Dec 2056$919,935