Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$601/mo
Lowest payment- Down payment
- $605,547
- Funds due
- $619,153
- Interest + MI left
- $24,680
- First ends
- May 2053
Assumption
Assumption + second
$4,491/mo
+$3,890/mo- Down payment
- $62,547
- Funds due
- $77,519
- Interest + MI left
- $882,122
- First ends
- May 2053
New loan
New conventional
$4,466/mo
+$3,865/mo- Down payment
- $62,547
- Funds due
- $73,839
- Interest + MI left
- $852,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,453 | $19,453 | $562,453 |
| Second mortgage | — | $543,000 | — |
| First P&I | $132.77 | $132.77 | $3,894.31 |
| Second P&I | — | $3,890.12 | — |
| Mortgage insurance | $9.09 | $9.09 | $112.49 |
| Taxes, insurance & HOA | $459.33 | $459.33 | $459.33 |
| Total housing payment | $601.19 | $4,491.31 | $4,466.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,547
Closing costs & prepaids$14,972
Usable credit−$0
Total buyer cash needed$77,519
Earnest money paid−$0
Remaining funds due$77,519
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$503.00
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$3.65
Prepaid interest, second (1 days)$115.29
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 6 moOf the original 28-year loan at 6.850%
Interest already paid$2,019Through Nov 2026
Assumption only · ends May 2053$24,680
Assumption + second · ends May 2053, second Dec 2056$882,122
New conventional · ends Dec 2056$852,998