Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,311/mo
Lowest payment- Down payment
- $175,071
- Funds due
- $189,680
- Interest + MI left
- $632,346
- First ends
- Mar 2053
Assumption
Assumption + second
$5,089/mo
+$778/mo- Down payment
- $69,071
- Funds due
- $84,953
- Interest + MI left
- $806,351
- First ends
- Mar 2053
New loan
New conventional
$4,971/mo
+$660/mo- Down payment
- $69,071
- Funds due
- $81,225
- Interest + MI left
- $941,681
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,929 | $514,929 | $620,929 |
| Second mortgage | — | $106,000 | — |
| First P&I | $3,381.21 | $3,381.21 | $4,299.19 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $382.09 | $382.09 | $124.19 |
| Taxes, insurance & HOA | $547.83 | $547.83 | $547.83 |
| Total housing payment | $4,311.14 | $5,088.93 | $4,971.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,071
Closing costs & prepaids$15,882
Usable credit−$0
Total buyer cash needed$84,953
Earnest money paid−$0
Remaining funds due$84,953
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,900.00
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)$528.50
Initial HOA (3 months)$615.00
Prepaid interest, first (1 days)$90.57
Prepaid interest, second (1 days)$23.23
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 4 moOf the original 30-year loan at 6.420%
Interest already paid$124,276Through Nov 2026
Assumption only · ends Mar 2053$632,346
Assumption + second · ends Mar 2053, second Dec 2056$806,351
New conventional · ends Dec 2056$941,681