Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,015/mo
+$67/mo- Down payment
- $80,402
- Funds due
- $94,221
- Interest + MI left
- $636,685
- First ends
- Oct 2053
Assumption
Assumption + second
$4,216/mo
+$268/mo- Down payment
- $55,402
- Funds due
- $70,527
- Interest + MI left
- $684,101
- First ends
- Oct 2053
New loan
New conventional
$3,947/mo
Lowest payment- Down payment
- $55,402
- Funds due
- $66,911
- Interest + MI left
- $720,260
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,598 | $467,598 | $492,598 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,281.00 | $3,281.00 | $3,337.03 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $221.76 | $221.76 | $98.52 |
| Taxes, insurance & HOA | $511.83 | $511.83 | $511.83 |
| Total housing payment | $4,014.60 | $4,215.75 | $3,947.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,402
Closing costs & prepaids$15,125
Usable credit−$0
Total buyer cash needed$70,527
Earnest money paid−$0
Remaining funds due$70,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,480.00
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)$657.50
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$828.99
Prepaid interest, second (9 days)$55.48
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 10 moOf the original 30-year loan at 7.19%
Interest already paid$108,432Through Dec 2026
Assumption only · ends Oct 2053$636,685
Assumption + second · ends Oct 2053, second Jan 2057$684,101
New conventional · ends Jan 2057$720,260