Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,793/mo
Lowest payment- Down payment
- $156,533
- Funds due
- $170,432
- Interest + MI left
- $550,371
- First ends
- Jul 2053
Assumption
Assumption + second
$4,549/mo
+$756/mo- Down payment
- $62,533
- Funds due
- $77,705
- Interest + MI left
- $728,655
- First ends
- Jul 2053
New loan
New conventional
$4,538/mo
+$745/mo- Down payment
- $62,533
- Funds due
- $74,039
- Interest + MI left
- $853,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,467 | $468,467 | $562,467 |
| Second mortgage | — | $94,000 | — |
| First P&I | $3,037.71 | $3,037.71 | $3,894.41 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $223.99 | $223.99 | $112.49 |
| Taxes, insurance & HOA | $530.92 | $530.92 | $530.92 |
| Total housing payment | $3,792.62 | $4,548.96 | $4,537.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,533
Closing costs & prepaids$15,172
Usable credit−$0
Total buyer cash needed$77,705
Earnest money paid−$0
Remaining funds due$77,705
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$720.75
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$81.37
Prepaid interest, second (1 days)$23.18
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$101,270Through Nov 2026
Assumption only · ends Jul 2053$550,371
Assumption + second · ends Jul 2053, second Dec 2056$728,655
New conventional · ends Dec 2056$853,019