Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,967/mo
Lowest payment- Down payment
- $139,940
- Funds due
- $154,342
- Interest + MI left
- $588,123
- First ends
- Oct 2053
Assumption
Assumption + second
$4,611/mo
+$644/mo- Down payment
- $59,940
- Funds due
- $75,711
- Interest + MI left
- $739,854
- First ends
- Oct 2053
New loan
New conventional
$4,401/mo
+$434/mo- Down payment
- $59,940
- Funds due
- $72,066
- Interest + MI left
- $788,195
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,060 | $459,060 | $539,060 |
| Second mortgage | — | $80,000 | — |
| First P&I | $3,107.58 | $3,107.58 | $3,651.78 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $218.25 | $218.25 | $107.81 |
| Taxes, insurance & HOA | $641.25 | $641.25 | $641.25 |
| Total housing payment | $3,967.08 | $4,610.78 | $4,400.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,940
Closing costs & prepaids$15,771
Usable credit−$0
Total buyer cash needed$75,711
Earnest money paid−$0
Remaining funds due$75,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Initial HOA (3 months)$705.00
Prepaid interest, first (6 days)$513.90
Prepaid interest, second (6 days)$118.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 6.81%
Interest already paid$100,958Through Dec 2026
Assumption only · ends Oct 2053$588,123
Assumption + second · ends Oct 2053, second Jan 2057$739,854
New conventional · ends Jan 2057$788,195