Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,460/mo
Lowest payment- Down payment
- $571,740
- Funds due
- $590,901
- Interest + MI left
- $733,894
- First ends
- Dec 2053
Assumption
Assumption + second
$7,769/mo
+$3,310/mo- Down payment
- $109,740
- Funds due
- $130,249
- Interest + MI left
- $1,463,431
- First ends
- Dec 2053
New loan
New conventional
$7,529/mo
+$3,070/mo- Down payment
- $109,740
- Funds due
- $126,099
- Interest + MI left
- $1,494,213
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $523,260 | $523,260 | $985,260 |
| Second mortgage | — | $462,000 | — |
| First P&I | $3,701.82 | $3,701.82 | $6,821.74 |
| Second P&I | — | $3,309.82 | — |
| Mortgage insurance | $247.24 | $247.24 | $197.05 |
| Taxes, insurance & HOA | $510.50 | $510.50 | $510.50 |
| Total housing payment | $4,459.56 | $7,769.38 | $7,529.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$109,740
Closing costs & prepaids$20,509
Usable credit−$0
Total buyer cash needed$130,249
Earnest money paid−$0
Remaining funds due$130,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$599.50
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$104.80
Prepaid interest, second (1 days)$98.10
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 yr 1 moOf the original 30-year loan at 7.310%
Interest already paid$113,397Through Nov 2026
Assumption only · ends Dec 2053$733,894
Assumption + second · ends Dec 2053, second Dec 2056$1,463,431
New conventional · ends Dec 2056$1,494,213