Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,268/mo
Lowest payment- Down payment
- $120,218
- Funds due
- $134,296
- Interest + MI left
- $654,875
- First ends
- Sep 2053
Assumption
Assumption + second
$4,718/mo
+$451/mo- Down payment
- $64,218
- Funds due
- $79,560
- Interest + MI left
- $761,087
- First ends
- Sep 2053
New loan
New conventional
$4,637/mo
+$369/mo- Down payment
- $64,218
- Funds due
- $75,875
- Interest + MI left
- $873,042
- 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 | $575,670 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,484.38 | $3,484.38 | $3,985.82 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $247.24 | $247.24 | $115.13 |
| Taxes, insurance & HOA | $536.09 | $536.09 | $536.09 |
| Total housing payment | $4,267.71 | $4,718.30 | $4,637.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,218
Closing costs & prepaids$15,341
Usable credit−$0
Total buyer cash needed$79,560
Earnest money paid−$0
Remaining funds due$79,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,398.88
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)$908.25
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$95.53
Prepaid interest, second (1 days)$13.81
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 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$761,087
New conventional · ends Dec 2056$873,042