Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,345/mo
Lowest payment- Down payment
- $76,405
- Funds due
- $91,066
- Interest + MI left
- $651,584
- First ends
- Oct 2053
Assumption
Assumption + second
$4,824/mo
+$479/mo- Down payment
- $29,405
- Funds due
- $45,454
- Interest + MI left
- $776,999
- First ends
- Oct 2053
New loan
New conventional
$4,536/mo
+$190/mo- Down payment
- $29,405
- Funds due
- $42,102
- Interest + MI left
- $815,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $508,595 | $508,595 | $555,595 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,442.90 | $3,442.90 | $3,763.79 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $241.80 | $241.80 | $111.12 |
| Taxes, insurance & HOA | $660.67 | $660.67 | $660.67 |
| Total housing payment | $4,345.37 | $4,824.30 | $4,535.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,405
Closing costs & prepaids$16,049
Usable credit−$0
Total buyer cash needed$45,454
Earnest money paid−$0
Remaining funds due$45,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$854.02
Prepaid interest, second (9 days)$137.62
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 6.81%
Interest already paid$111,852Through Dec 2026
Assumption only · ends Oct 2053$651,584
Assumption + second · ends Oct 2053, second Jan 2057$776,999
New conventional · ends Jan 2057$815,372