Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,284/mo
Lowest payment- Down payment
- $99,144
- Funds due
- $113,424
- Interest + MI left
- $652,725
- First ends
- Jun 2053
Assumption
Assumption + second
$4,565/mo
+$282/mo- Down payment
- $64,144
- Funds due
- $79,725
- Interest + MI left
- $719,107
- First ends
- Jun 2053
New loan
New conventional
$4,457/mo
+$173/mo- Down payment
- $64,144
- Funds due
- $76,080
- Interest + MI left
- $841,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $540,756 | $540,756 | $575,756 |
| Second mortgage | — | $35,000 | — |
| First P&I | $3,583.43 | $3,583.43 | $3,900.37 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $258.77 | $258.77 | $115.15 |
| Taxes, insurance & HOA | $441.42 | $441.42 | $441.42 |
| Total housing payment | $4,283.61 | $4,565.23 | $4,456.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,144
Closing costs & prepaids$15,581
Usable credit−$0
Total buyer cash needed$79,725
Earnest money paid−$0
Remaining funds due$79,725
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,399.00
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)$768.00
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$581.35
Prepaid interest, second (6 days)$51.78
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$126,675Through Dec 2026
Assumption only · ends Jun 2053$652,725
Assumption + second · ends Jun 2053, second Jan 2057$719,107
New conventional · ends Jan 2057$841,850