Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,086/mo
Lowest payment- Down payment
- $100,925
- Funds due
- $114,433
- Interest + MI left
- $639,671
- First ends
- Oct 2053
Assumption
Assumption + second
$4,440/mo
+$354/mo- Down payment
- $56,925
- Funds due
- $71,694
- Interest + MI left
- $723,123
- First ends
- Oct 2053
New loan
New conventional
$4,231/mo
+$145/mo- Down payment
- $56,925
- Funds due
- $68,075
- Interest + MI left
- $776,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,075 | $468,075 | $512,075 |
| Second mortgage | — | $44,000 | — |
| First P&I | $3,281.00 | $3,281.00 | $3,545.50 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $221.76 | $221.76 | $102.42 |
| Taxes, insurance & HOA | $583.42 | $583.42 | $583.42 |
| Total housing payment | $4,086.18 | $4,440.21 | $4,231.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,925
Closing costs & prepaids$14,768
Usable credit−$0
Total buyer cash needed$71,694
Earnest money paid−$0
Remaining funds due$71,694
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
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)$872.25
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$92.20
Prepaid interest, second (1 days)$10.85
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 11 moOf the original 30-year loan at 7.190%
Interest already paid$105,628Through Nov 2026
Assumption only · ends Oct 2053$639,671
Assumption + second · ends Oct 2053, second Dec 2056$723,123
New conventional · ends Dec 2056$776,596