Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,193/mo
Lowest payment- Down payment
- $160,528
- Funds due
- $174,698
- Interest + MI left
- $660,799
- First ends
- Aug 2053
Assumption
Assumption + second
$4,933/mo
+$740/mo- Down payment
- $68,528
- Funds due
- $83,970
- Interest + MI left
- $835,290
- First ends
- Aug 2053
New loan
New conventional
$4,788/mo
+$595/mo- Down payment
- $68,528
- Funds due
- $80,239
- Interest + MI left
- $927,187
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,372 | $519,372 | $611,372 |
| Second mortgage | — | $92,000 | — |
| First P&I | $3,513.00 | $3,513.00 | $4,233.02 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $247.23 | $247.23 | $122.27 |
| Taxes, insurance & HOA | $432.92 | $432.92 | $432.92 |
| Total housing payment | $4,193.15 | $4,933.41 | $4,788.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,528
Closing costs & prepaids$15,442
Usable credit−$0
Total buyer cash needed$83,970
Earnest money paid−$0
Remaining funds due$83,970
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,799.00
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)$516.75
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$96.62
Prepaid interest, second (1 days)$22.68
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 6.790%
Interest already paid$116,962Through Nov 2026
Assumption only · ends Aug 2053$660,799
Assumption + second · ends Aug 2053, second Dec 2056$835,290
New conventional · ends Dec 2056$927,187