Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,350/mo
Lowest payment- Down payment
- $56,640
- Funds due
- $70,358
- Interest + MI left
- $644,188
- First ends
- Jul 2053
Assumption
Assumption + second
$4,625/mo
+$275/mo- Down payment
- $29,640
- Funds due
- $44,617
- Interest + MI left
- $716,235
- First ends
- Jul 2053
New loan
New conventional
$4,518/mo
+$168/mo- Down payment
- $29,640
- Funds due
- $41,277
- Interest + MI left
- $829,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,360 | $518,360 | $545,360 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,470.08 | $3,470.08 | $3,775.96 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $247.24 | $247.24 | $109.07 |
| Taxes, insurance & HOA | $632.58 | $632.58 | $632.58 |
| Total housing payment | $4,349.90 | $4,625.03 | $4,517.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,640
Closing costs & prepaids$14,976
Usable credit−$0
Total buyer cash needed$44,617
Earnest money paid−$0
Remaining funds due$44,617
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)$1,007.75
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$94.72
Prepaid interest, second (1 days)$8.78
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 6.670%
Interest already paid$117,736Through Nov 2026
Assumption only · ends Jul 2053$644,188
Assumption + second · ends Jul 2053, second Dec 2056$716,235
New conventional · ends Dec 2056$829,911