Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,826/mo
Lowest payment- Down payment
- $94,215
- Funds due
- $108,104
- Interest + MI left
- $560,697
- First ends
- Jun 2053
Assumption
Assumption + second
$4,116/mo
+$290/mo- Down payment
- $58,215
- Funds due
- $73,433
- Interest + MI left
- $628,976
- First ends
- Jun 2053
New loan
New conventional
$4,093/mo
+$267/mo- Down payment
- $58,215
- Funds due
- $69,893
- Interest + MI left
- $762,936
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $485,785 | $485,785 | $521,785 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,139.25 | $3,139.25 | $3,534.75 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $232.94 | $232.94 | $104.36 |
| Taxes, insurance & HOA | $453.67 | $453.67 | $453.67 |
| Total housing payment | $3,825.86 | $4,115.53 | $4,092.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,215
Closing costs & prepaids$15,218
Usable credit−$0
Total buyer cash needed$73,433
Earnest money paid−$0
Remaining funds due$73,433
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$696.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$752.23
Prepaid interest, second (9 days)$79.89
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 6.28%
Interest already paid$109,392Through Dec 2026
Assumption only · ends Jun 2053$560,697
Assumption + second · ends Jun 2053, second Jan 2057$628,976
New conventional · ends Jan 2057$762,936