Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,511/mo
Lowest payment- Down payment
- $76,470
- Funds due
- $89,952
- Interest + MI left
- $761,169
- First ends
- Nov 2053
Assumption
Assumption + second
$4,980/mo
+$469/mo- Down payment
- $30,470
- Funds due
- $45,217
- Interest + MI left
- $883,915
- First ends
- Nov 2053
New loan
New conventional
$4,523/mo
+$12/mo- Down payment
- $30,470
- Funds due
- $41,854
- Interest + MI left
- $866,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $523,529 | $523,529 | $569,529 |
| Second mortgage | — | $46,000 | — |
| First P&I | $3,797.64 | $3,797.64 | $3,943.30 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $247.24 | $247.24 | $113.91 |
| Taxes, insurance & HOA | $465.92 | $465.92 | $465.92 |
| Total housing payment | $4,510.80 | $4,979.54 | $4,523.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,470
Closing costs & prepaids$14,746
Usable credit−$0
Total buyer cash needed$45,217
Earnest money paid−$0
Remaining funds due$45,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$528.75
Initial HOA (3 months)$369.00
Prepaid interest, first (1 days)$108.58
Prepaid interest, second (1 days)$14.97
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 closing27 yrOf the original 30-year loan at 7.570%
Interest already paid$120,817Through Nov 2026
Assumption only · ends Nov 2053$761,169
Assumption + second · ends Nov 2053, second Dec 2056$883,915
New conventional · ends Dec 2056$866,691