Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,937/mo
Lowest payment- Down payment
- $78,753
- Funds due
- $91,995
- Interest + MI left
- $584,452
- First ends
- Jul 2053
Assumption
Assumption + second
$4,436/mo
+$499/mo- Down payment
- $29,753
- Funds due
- $44,261
- Interest + MI left
- $715,204
- First ends
- Jul 2053
New loan
New conventional
$4,437/mo
+$500/mo- Down payment
- $29,753
- Funds due
- $40,925
- Interest + MI left
- $860,287
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,247 | $516,247 | $565,247 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,279.36 | $3,279.36 | $3,913.66 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | $247.24 | $247.24 | $113.05 |
| Taxes, insurance & HOA | $410.08 | $410.08 | $410.08 |
| Total housing payment | $3,936.68 | $4,435.99 | $4,436.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,753
Closing costs & prepaids$14,508
Usable credit−$0
Total buyer cash needed$44,261
Earnest money paid−$0
Remaining funds due$44,261
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)$532.25
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$86.70
Prepaid interest, second (1 days)$15.94
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 8 moOf the original 30-year loan at 6.130%
Interest already paid$107,994Through Nov 2026
Assumption only · ends Jul 2053$584,452
Assumption + second · ends Jul 2053, second Dec 2056$715,204
New conventional · ends Dec 2056$860,287