Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,149/mo
Lowest payment- Down payment
- $172,340
- Funds due
- $187,472
- Interest + MI left
- $623,639
- First ends
- Jun 2053
Assumption
Assumption + second
$4,905/mo
+$756/mo- Down payment
- $69,340
- Funds due
- $85,925
- Interest + MI left
- $792,719
- First ends
- Jun 2053
New loan
New conventional
$4,800/mo
+$651/mo- Down payment
- $69,340
- Funds due
- $82,242
- Interest + MI left
- $906,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,660 | $516,660 | $619,660 |
| Second mortgage | — | $103,000 | — |
| First P&I | $3,423.75 | $3,423.75 | $4,197.79 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $247.24 | $247.24 | $123.93 |
| Taxes, insurance & HOA | $477.92 | $477.92 | $477.92 |
| Total housing payment | $4,148.91 | $4,904.68 | $4,799.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,340
Closing costs & prepaids$16,585
Usable credit−$0
Total buyer cash needed$85,925
Earnest money paid−$0
Remaining funds due$85,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,890.00
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)$826.75
Initial HOA (3 months)$107.01
Prepaid interest, first (9 days)$833.17
Prepaid interest, second (9 days)$203.18
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$121,030Through Dec 2026
Assumption only · ends Jun 2053$623,639
Assumption + second · ends Jun 2053, second Jan 2057$792,719
New conventional · ends Jan 2057$906,045