Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,792/mo
Lowest payment- Down payment
- $127,211
- Funds due
- $140,833
- Interest + MI left
- $545,023
- First ends
- Jun 2053
Assumption
Assumption + second
$4,339/mo
+$547/mo- Down payment
- $59,211
- Funds due
- $74,100
- Interest + MI left
- $673,995
- First ends
- Jun 2053
New loan
New conventional
$4,344/mo
+$553/mo- Down payment
- $59,211
- Funds due
- $70,468
- Interest + MI left
- $808,010
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,789 | $464,789 | $532,789 |
| Second mortgage | — | $68,000 | — |
| First P&I | $3,020.42 | $3,020.42 | $3,688.92 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $222.48 | $222.48 | $106.56 |
| Taxes, insurance & HOA | $548.75 | $548.75 | $548.75 |
| Total housing payment | $3,791.65 | $4,338.79 | $4,344.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,211
Closing costs & prepaids$14,889
Usable credit−$0
Total buyer cash needed$74,100
Earnest money paid−$0
Remaining funds due$74,100
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,920.00
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)$768.25
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$80.86
Prepaid interest, second (1 days)$16.77
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 7 moOf the original 30-year loan at 6.350%
Interest already paid$103,212Through Nov 2026
Assumption only · ends Jun 2053$545,023
Assumption + second · ends Jun 2053, second Dec 2056$673,995
New conventional · ends Dec 2056$808,010