Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,477/mo
Lowest payment- Down payment
- $114,561
- Funds due
- $127,190
- Interest + MI left
- $543,068
- First ends
- Aug 2053
Assumption
Assumption + second
$3,960/mo
+$483/mo- Down payment
- $54,561
- Funds due
- $68,454
- Interest + MI left
- $656,867
- First ends
- Aug 2053
New loan
New conventional
$3,850/mo
+$373/mo- Down payment
- $54,561
- Funds due
- $64,863
- Interest + MI left
- $736,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,439 | $425,439 | $485,439 |
| Second mortgage | — | $60,000 | — |
| First P&I | $2,883.14 | $2,883.14 | $3,361.08 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $202.49 | $202.49 | $97.09 |
| Taxes, insurance & HOA | $391.50 | $391.50 | $391.50 |
| Total housing payment | $3,477.13 | $3,959.90 | $3,849.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,561
Closing costs & prepaids$13,894
Usable credit−$0
Total buyer cash needed$68,454
Earnest money paid−$0
Remaining funds due$68,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$392.50
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$79.38
Prepaid interest, second (1 days)$14.79
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 9 moOf the original 30-year loan at 6.810%
Interest already paid$96,084Through Nov 2026
Assumption only · ends Aug 2053$543,068
Assumption + second · ends Aug 2053, second Dec 2056$656,867
New conventional · ends Dec 2056$736,104