Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,485/mo
Lowest payment- Down payment
- $86,973
- Funds due
- $101,759
- Interest + MI left
- $653,170
- First ends
- Apr 2053
Assumption
Assumption + second
$5,035/mo
+$550/mo- Down payment
- $32,973
- Funds due
- $49,132
- Interest + MI left
- $797,264
- First ends
- Apr 2053
New loan
New conventional
$4,874/mo
+$389/mo- Down payment
- $32,973
- Funds due
- $45,803
- Interest + MI left
- $917,268
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $571,027 | $571,027 | $625,027 |
| Second mortgage | — | $54,000 | — |
| First P&I | $3,695.64 | $3,695.64 | $4,234.15 |
| Second P&I | — | $550.26 | — |
| Mortgage insurance | $274.52 | $274.52 | $125.01 |
| Taxes, insurance & HOA | $514.83 | $514.83 | $514.83 |
| Total housing payment | $4,484.99 | $5,035.25 | $4,873.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,973
Closing costs & prepaids$16,159
Usable credit−$0
Total buyer cash needed$49,132
Earnest money paid−$0
Remaining funds due$49,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,580.00
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)$789.50
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$686.64
Prepaid interest, second (7 days)$122.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 6.27%
Interest already paid$134,684Through Dec 2026
Assumption only · ends Apr 2053$653,170
Assumption + second · ends Apr 2053, second Jan 2057$797,264
New conventional · ends Jan 2057$917,268