Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,183/mo
Lowest payment- Down payment
- $123,053
- Funds due
- $137,463
- Interest + MI left
- $630,021
- First ends
- Jun 2053
Assumption
Assumption + second
$4,650/mo
+$467/mo- Down payment
- $65,053
- Funds due
- $80,799
- Interest + MI left
- $740,026
- First ends
- Jun 2053
New loan
New conventional
$4,519/mo
+$336/mo- Down payment
- $65,053
- Funds due
- $77,136
- Interest + MI left
- $847,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $521,947 | $521,947 | $579,947 |
| Second mortgage | — | $58,000 | — |
| First P&I | $3,458.78 | $3,458.78 | $3,928.76 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $249.77 | $249.77 | $115.99 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $4,183.22 | $4,649.90 | $4,519.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,053
Closing costs & prepaids$15,746
Usable credit−$0
Total buyer cash needed$80,799
Earnest money paid−$0
Remaining funds due$80,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,450.00
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)$774.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$561.13
Prepaid interest, second (6 days)$85.81
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$122,269Through Dec 2026
Assumption only · ends Jun 2053$630,021
Assumption + second · ends Jun 2053, second Jan 2057$740,026
New conventional · ends Jan 2057$847,978