Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,833/mo
Lowest payment- Down payment
- $64,343
- Funds due
- $77,286
- Interest + MI left
- $567,411
- First ends
- Jul 2053
Assumption
Assumption + second
$4,200/mo
+$367/mo- Down payment
- $28,343
- Funds due
- $42,548
- Interest + MI left
- $663,473
- First ends
- Jul 2053
New loan
New conventional
$4,174/mo
+$341/mo- Down payment
- $28,343
- Funds due
- $39,224
- Interest + MI left
- $792,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,657 | $484,657 | $520,657 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,136.57 | $3,136.57 | $3,604.92 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $231.77 | $231.77 | $104.13 |
| Taxes, insurance & HOA | $464.75 | $464.75 | $464.75 |
| Total housing payment | $3,833.08 | $4,199.92 | $4,173.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,343
Closing costs & prepaids$14,205
Usable credit−$0
Total buyer cash needed$42,548
Earnest money paid−$0
Remaining funds due$42,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$522.25
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$83.92
Prepaid interest, second (1 days)$11.71
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 8 moOf the original 30-year loan at 6.320%
Interest already paid$104,447Through Nov 2026
Assumption only · ends Jul 2053$567,411
Assumption + second · ends Jul 2053, second Dec 2056$663,473
New conventional · ends Dec 2056$792,319