Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,265/mo
Lowest payment- Down payment
- $136,426
- Funds due
- $150,493
- Interest + MI left
- $676,661
- First ends
- Oct 2053
Assumption
Assumption + second
$4,836/mo
+$571/mo- Down payment
- $65,426
- Funds due
- $80,761
- Interest + MI left
- $811,323
- First ends
- Oct 2053
New loan
New conventional
$4,662/mo
+$398/mo- Down payment
- $65,426
- Funds due
- $77,060
- Interest + MI left
- $886,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,574 | $513,574 | $584,574 |
| Second mortgage | — | $71,000 | — |
| First P&I | $3,522.76 | $3,522.76 | $4,047.47 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $243.67 | $243.67 | $116.91 |
| Taxes, insurance & HOA | $498.08 | $498.08 | $498.08 |
| Total housing payment | $4,264.52 | $4,835.80 | $4,662.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,426
Closing costs & prepaids$15,335
Usable credit−$0
Total buyer cash needed$80,761
Earnest money paid−$0
Remaining funds due$80,761
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$544.25
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$97.93
Prepaid interest, second (1 days)$17.51
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 6.960%
Interest already paid$112,273Through Nov 2026
Assumption only · ends Oct 2053$676,661
Assumption + second · ends Oct 2053, second Dec 2056$811,323
New conventional · ends Dec 2056$886,546