Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,117/mo
Lowest payment- Down payment
- $162,912
- Funds due
- $177,328
- Interest + MI left
- $607,492
- First ends
- Jul 2053
Assumption
Assumption + second
$4,874/mo
+$756/mo- Down payment
- $68,912
- Funds due
- $84,601
- Interest + MI left
- $785,776
- First ends
- Jul 2053
New loan
New conventional
$4,870/mo
+$753/mo- Down payment
- $68,912
- Funds due
- $80,873
- Interest + MI left
- $926,634
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,088 | $517,088 | $611,088 |
| Second mortgage | — | $94,000 | — |
| First P&I | $3,352.98 | $3,352.98 | $4,231.05 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $247.24 | $247.24 | $122.22 |
| Taxes, insurance & HOA | $517.00 | $517.00 | $517.00 |
| Total housing payment | $4,117.22 | $4,873.57 | $4,870.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,912
Closing costs & prepaids$15,689
Usable credit−$0
Total buyer cash needed$84,601
Earnest money paid−$0
Remaining funds due$84,601
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,800.00
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)$676.00
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$89.82
Prepaid interest, second (1 days)$23.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.340%
Interest already paid$111,780Through Nov 2026
Assumption only · ends Jul 2053$607,492
Assumption + second · ends Jul 2053, second Dec 2056$785,776
New conventional · ends Dec 2056$926,634