Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,241/mo
Lowest payment- Down payment
- $61,253
- Funds due
- $74,837
- Interest + MI left
- $652,909
- First ends
- Nov 2053
Assumption
Assumption + second
$4,577/mo
+$336/mo- Down payment
- $28,253
- Funds due
- $43,108
- Interest + MI left
- $740,966
- First ends
- Nov 2053
New loan
New conventional
$4,376/mo
+$135/mo- Down payment
- $28,253
- Funds due
- $39,780
- Interest + MI left
- $801,586
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $493,747 | $493,747 | $526,747 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,383.20 | $3,383.20 | $3,647.09 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $234.02 | $234.02 | $105.35 |
| Taxes, insurance & HOA | $623.50 | $623.50 | $623.50 |
| Total housing payment | $4,240.72 | $4,576.99 | $4,375.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,253
Closing costs & prepaids$14,855
Usable credit−$0
Total buyer cash needed$43,108
Earnest money paid−$0
Remaining funds due$43,108
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$791.50
Initial HOA (3 months)$579.00
Prepaid interest, first (2 days)$188.30
Prepaid interest, second (2 days)$21.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.960%
Interest already paid$104,962Through Nov 2026
Assumption only · ends Nov 2053$652,909
Assumption + second · ends Nov 2053, second Dec 2056$740,966
New conventional · ends Dec 2056$801,586