Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,495/mo
Lowest payment- Down payment
- $248,407
- Funds due
- $264,553
- Interest + MI left
- $666,605
- First ends
- Feb 2053
Assumption
Assumption + second
$5,757/mo
+$1,262/mo- Down payment
- $76,407
- Funds due
- $93,841
- Interest + MI left
- $948,952
- First ends
- Feb 2053
New loan
New conventional
$5,495/mo
+$1,001/mo- Down payment
- $76,407
- Funds due
- $90,033
- Interest + MI left
- $1,036,700
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $511,583 | $511,583 | $683,583 |
| Second mortgage | — | $172,000 | — |
| First P&I | $3,490.33 | $3,490.33 | $4,732.99 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $378.85 | $378.85 | $136.72 |
| Taxes, insurance & HOA | $625.42 | $625.42 | $625.42 |
| Total housing payment | $4,494.59 | $5,756.66 | $5,495.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,407
Closing costs & prepaids$17,434
Usable credit−$0
Total buyer cash needed$93,841
Earnest money paid−$0
Remaining funds due$93,841
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,599.90
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$953.25
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$95.45
Prepaid interest, second (1 days)$37.70
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$133,807Through Nov 2026
Assumption only · ends Feb 2053$666,605
Assumption + second · ends Feb 2053, second Dec 2056$948,952
New conventional · ends Dec 2056$1,036,700