Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,802/mo
Lowest payment- Down payment
- $157,095
- Funds due
- $171,674
- Interest + MI left
- $547,724
- First ends
- Jul 2053
Assumption
Assumption + second
$4,559/mo
+$756/mo- Down payment
- $63,095
- Funds due
- $79,132
- Interest + MI left
- $726,008
- First ends
- Jul 2053
New loan
New conventional
$4,460/mo
+$657/mo- Down payment
- $63,095
- Funds due
- $75,506
- Interest + MI left
- $821,598
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,905 | $467,905 | $561,905 |
| Second mortgage | — | $94,000 | — |
| First P&I | $3,037.71 | $3,037.71 | $3,806.54 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $223.99 | $223.99 | $112.38 |
| Taxes, insurance & HOA | $540.67 | $540.67 | $540.67 |
| Total housing payment | $3,802.37 | $4,558.71 | $4,459.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,095
Closing costs & prepaids$16,037
Usable credit−$0
Total buyer cash needed$79,132
Earnest money paid−$0
Remaining funds due$79,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$731.47
Prepaid interest, second (9 days)$208.60
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$103,745Through Dec 2026
Assumption only · ends Jul 2053$547,724
Assumption + second · ends Jul 2053, second Jan 2057$726,008
New conventional · ends Jan 2057$821,598