Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,244/mo
Lowest payment- Down payment
- $182,631
- Funds due
- $197,983
- Interest + MI left
- $644,544
- First ends
- Jun 2053
Assumption
Assumption + second
$5,066/mo
+$822/mo- Down payment
- $70,631
- Funds due
- $87,454
- Interest + MI left
- $828,398
- First ends
- Jun 2053
New loan
New conventional
$4,895/mo
+$651/mo- Down payment
- $70,631
- Funds due
- $83,733
- Interest + MI left
- $920,095
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,269 | $517,269 | $629,269 |
| Second mortgage | — | $112,000 | — |
| First P&I | $3,490.56 | $3,490.56 | $4,262.89 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $247.17 | $247.17 | $125.85 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $4,244.40 | $5,066.21 | $4,895.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,631
Closing costs & prepaids$16,823
Usable credit−$0
Total buyer cash needed$87,454
Earnest money paid−$0
Remaining funds due$87,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.00
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)$840.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$858.38
Prepaid interest, second (9 days)$220.93
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 6.73%
Interest already paid$124,597Through Dec 2026
Assumption only · ends Jun 2053$644,544
Assumption + second · ends Jun 2053, second Jan 2057$828,398
New conventional · ends Jan 2057$920,095