Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,771/mo
Lowest payment- Down payment
- $108,621
- Funds due
- $121,910
- Interest + MI left
- $563,418
- First ends
- Jun 2053
Assumption
Assumption + second
$4,165/mo
+$394/mo- Down payment
- $59,621
- Funds due
- $74,184
- Interest + MI left
- $656,354
- First ends
- Jun 2053
New loan
New conventional
$4,213/mo
+$442/mo- Down payment
- $59,621
- Funds due
- $70,563
- Interest + MI left
- $811,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,379 | $486,379 | $535,379 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,139.25 | $3,139.25 | $3,706.86 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $232.94 | $232.94 | $107.08 |
| Taxes, insurance & HOA | $398.67 | $398.67 | $398.67 |
| Total housing payment | $3,770.86 | $4,165.13 | $4,212.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,621
Closing costs & prepaids$14,563
Usable credit−$0
Total buyer cash needed$74,184
Earnest money paid−$0
Remaining funds due$74,184
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$531.00
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$167.37
Prepaid interest, second (2 days)$24.16
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 closing26 yr 7 moOf the original 30-year loan at 6.280%
Interest already paid$106,847Through Nov 2026
Assumption only · ends Jun 2053$563,418
Assumption + second · ends Jun 2053, second Dec 2056$656,354
New conventional · ends Dec 2056$811,938