Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,769/mo
Lowest payment- Down payment
- $120,272
- Funds due
- $134,398
- Interest + MI left
- $542,395
- First ends
- Jun 2053
Assumption
Assumption + second
$4,260/mo
+$491/mo- Down payment
- $59,272
- Funds due
- $74,783
- Interest + MI left
- $658,090
- First ends
- Jun 2053
New loan
New conventional
$4,190/mo
+$420/mo- Down payment
- $59,272
- Funds due
- $71,209
- Interest + MI left
- $767,970
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,228 | $464,228 | $525,228 |
| Second mortgage | — | $61,000 | — |
| First P&I | $3,020.42 | $3,020.42 | $3,558.08 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $222.48 | $222.48 | $105.05 |
| Taxes, insurance & HOA | $526.50 | $526.50 | $526.50 |
| Total housing payment | $3,769.40 | $4,260.22 | $4,189.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,272
Closing costs & prepaids$15,512
Usable credit−$0
Total buyer cash needed$74,783
Earnest money paid−$0
Remaining funds due$74,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,845.00
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)$701.50
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$726.87
Prepaid interest, second (9 days)$135.37
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 6.35%
Interest already paid$105,672Through Dec 2026
Assumption only · ends Jun 2053$542,395
Assumption + second · ends Jun 2053, second Jan 2057$658,090
New conventional · ends Jan 2057$767,970