Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,863/mo
Lowest payment- Down payment
- $62,335
- Funds due
- $75,158
- Interest + MI left
- $598,369
- First ends
- Oct 2053
Assumption
Assumption + second
$4,219/mo
+$357/mo- Down payment
- $27,335
- Funds due
- $41,420
- Interest + MI left
- $691,764
- First ends
- Oct 2053
New loan
New conventional
$4,068/mo
+$205/mo- Down payment
- $27,335
- Funds due
- $38,100
- Interest + MI left
- $764,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,665 | $467,665 | $502,665 |
| Second mortgage | — | $35,000 | — |
| First P&I | $3,153.32 | $3,153.32 | $3,480.35 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $222.15 | $222.15 | $100.53 |
| Taxes, insurance & HOA | $487.17 | $487.17 | $487.17 |
| Total housing payment | $3,862.64 | $4,219.29 | $4,068.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,335
Closing costs & prepaids$14,085
Usable credit−$0
Total buyer cash needed$41,420
Earnest money paid−$0
Remaining funds due$41,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$478.50
Initial HOA (3 months)$483.00
Prepaid interest, first (1 days)$86.87
Prepaid interest, second (1 days)$11.39
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 11 moOf the original 30-year loan at 6.780%
Interest already paid$99,654Through Nov 2026
Assumption only · ends Oct 2053$598,369
Assumption + second · ends Oct 2053, second Dec 2056$691,764
New conventional · ends Dec 2056$764,939