Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,926/mo
Lowest payment- Down payment
- $87,714
- Funds due
- $101,408
- Interest + MI left
- $554,997
- First ends
- Jan 2053
Assumption
Assumption + second
$4,168/mo
+$241/mo- Down payment
- $57,714
- Funds due
- $72,709
- Interest + MI left
- $611,896
- First ends
- Jan 2053
New loan
New conventional
$4,054/mo
+$128/mo- Down payment
- $57,714
- Funds due
- $69,171
- Interest + MI left
- $747,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $481,286 | $481,286 | $511,286 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,078.57 | $3,078.57 | $3,463.63 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $359.46 | $359.46 | $102.26 |
| Taxes, insurance & HOA | $488.25 | $488.25 | $488.25 |
| Total housing payment | $3,926.28 | $4,167.67 | $4,054.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,714
Closing costs & prepaids$14,995
Usable credit−$0
Total buyer cash needed$72,709
Earnest money paid−$0
Remaining funds due$72,709
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
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)$682.75
Initial HOA (3 months)$282.00
Prepaid interest, first (7 days)$563.96
Prepaid interest, second (7 days)$51.78
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 1 moOf the original 30-year loan at 6.11%
Interest already paid$118,501Through Dec 2026
Assumption only · ends Jan 2053$554,997
Assumption + second · ends Jan 2053, second Jan 2057$611,896
New conventional · ends Jan 2057$747,585