Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,466/mo
Lowest payment- Down payment
- $141,771
- Funds due
- $154,886
- Interest + MI left
- $506,700
- First ends
- May 2053
Assumption
Assumption + second
$4,142/mo
+$676/mo- Down payment
- $57,771
- Funds due
- $72,157
- Interest + MI left
- $666,018
- First ends
- May 2053
New loan
New conventional
$4,102/mo
+$636/mo- Down payment
- $57,771
- Funds due
- $68,537
- Interest + MI left
- $775,969
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,729 | $427,729 | $511,729 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,804.57 | $2,804.57 | $3,543.11 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $204.86 | $204.86 | $102.35 |
| Taxes, insurance & HOA | $456.75 | $456.75 | $456.75 |
| Total housing payment | $3,466.18 | $4,142.06 | $4,102.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,771
Closing costs & prepaids$14,386
Usable credit−$0
Total buyer cash needed$72,157
Earnest money paid−$0
Remaining funds due$72,157
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,695.00
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)$627.25
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$75.35
Prepaid interest, second (1 days)$20.71
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 6 moOf the original 30-year loan at 6.430%
Interest already paid$98,557Through Nov 2026
Assumption only · ends May 2053$506,700
Assumption + second · ends May 2053, second Dec 2056$666,018
New conventional · ends Dec 2056$775,969