Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,221/mo
Lowest payment- Down payment
- $120,797
- Funds due
- $135,497
- Interest + MI left
- $651,773
- First ends
- Sep 2053
Assumption
Assumption + second
$4,671/mo
+$451/mo- Down payment
- $64,797
- Funds due
- $80,871
- Interest + MI left
- $757,985
- First ends
- Sep 2053
New loan
New conventional
$4,500/mo
+$279/mo- Down payment
- $64,797
- Funds due
- $77,209
- Interest + MI left
- $840,878
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,091 | $519,091 | $575,091 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,484.38 | $3,484.38 | $3,895.87 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $247.24 | $247.24 | $115.02 |
| Taxes, insurance & HOA | $489.25 | $489.25 | $489.25 |
| Total housing payment | $4,220.87 | $4,671.46 | $4,500.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,797
Closing costs & prepaids$16,075
Usable credit−$0
Total buyer cash needed$80,871
Earnest money paid−$0
Remaining funds due$80,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,398.88
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)$767.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$858.85
Prepaid interest, second (9 days)$124.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.71%
Interest already paid$115,555Through Dec 2026
Assumption only · ends Sep 2053$651,773
Assumption + second · ends Sep 2053, second Jan 2057$757,985
New conventional · ends Jan 2057$840,878