Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,343/mo
Lowest payment- Down payment
- $136,970
- Funds due
- $152,056
- Interest + MI left
- $673,486
- First ends
- Oct 2053
Assumption
Assumption + second
$4,914/mo
+$571/mo- Down payment
- $65,970
- Funds due
- $82,463
- Interest + MI left
- $808,147
- First ends
- Oct 2053
New loan
New conventional
$4,650/mo
+$307/mo- Down payment
- $65,970
- Funds due
- $78,749
- Interest + MI left
- $853,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,030 | $513,030 | $584,030 |
| Second mortgage | — | $71,000 | — |
| First P&I | $3,522.76 | $3,522.76 | $3,956.42 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $243.67 | $243.67 | $116.81 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $4,343.10 | $4,914.38 | $4,649.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,970
Closing costs & prepaids$16,493
Usable credit−$0
Total buyer cash needed$82,463
Earnest money paid−$0
Remaining funds due$82,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$880.44
Prepaid interest, second (9 days)$157.56
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 6.96%
Interest already paid$115,252Through Dec 2026
Assumption only · ends Oct 2053$673,486
Assumption + second · ends Oct 2053, second Jan 2057$808,147
New conventional · ends Jan 2057$853,832