Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,582/mo
Lowest payment- Down payment
- $91,828
- Funds due
- $105,174
- Interest + MI left
- $543,893
- First ends
- Sep 2053
Assumption
Assumption + second
$3,896/mo
+$314/mo- Down payment
- $52,828
- Funds due
- $67,511
- Interest + MI left
- $617,862
- First ends
- Sep 2053
New loan
New conventional
$3,761/mo
+$179/mo- Down payment
- $52,828
- Funds due
- $63,966
- Interest + MI left
- $690,394
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,172 | $433,172 | $472,172 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,907.65 | $2,907.65 | $3,198.66 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $206.32 | $206.32 | $94.43 |
| Taxes, insurance & HOA | $468.34 | $468.34 | $468.34 |
| Total housing payment | $3,582.31 | $3,896.11 | $3,761.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,828
Closing costs & prepaids$14,683
Usable credit−$0
Total buyer cash needed$67,511
Earnest money paid−$0
Remaining funds due$67,511
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$275.01
Prepaid interest, first (9 days)$716.69
Prepaid interest, second (9 days)$86.55
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$96,429Through Dec 2026
Assumption only · ends Sep 2053$543,893
Assumption + second · ends Sep 2053, second Jan 2057$617,862
New conventional · ends Jan 2057$690,394