Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,301/mo
Lowest payment- Down payment
- $145,542
- Funds due
- $158,103
- Interest + MI left
- $520,273
- First ends
- Jun 2053
Assumption
Assumption + second
$4,009/mo
+$708/mo- Down payment
- $57,542
- Funds due
- $71,375
- Interest + MI left
- $687,177
- First ends
- Jun 2053
New loan
New conventional
$3,939/mo
+$638/mo- Down payment
- $57,542
- Funds due
- $67,755
- Interest + MI left
- $784,760
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,458 | $429,458 | $517,458 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,842.56 | $2,842.56 | $3,582.77 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $205.27 | $205.27 | $103.49 |
| Taxes, insurance & HOA | $253.00 | $253.00 | $253.00 |
| Total housing payment | $3,300.82 | $4,008.89 | $3,939.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,542
Closing costs & prepaids$13,833
Usable credit−$0
Total buyer cash needed$71,375
Earnest money paid−$0
Remaining funds due$71,375
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$241.50
Initial HOA (3 months)$17.49
Prepaid interest, first (1 days)$76.95
Prepaid interest, second (1 days)$21.70
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 6.540%
Interest already paid$98,144Through Nov 2026
Assumption only · ends Jun 2053$520,273
Assumption + second · ends Jun 2053, second Dec 2056$687,177
New conventional · ends Dec 2056$784,760