Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,695/mo
Lowest payment- Down payment
- $201,663
- Funds due
- $218,503
- Interest + MI left
- $683,802
- First ends
- May 2053
Assumption
Assumption + second
$5,598/mo
+$903/mo- Down payment
- $78,663
- Funds due
- $96,914
- Interest + MI left
- $885,713
- First ends
- May 2053
New loan
New conventional
$5,527/mo
+$832/mo- Down payment
- $78,663
- Funds due
- $93,137
- Interest + MI left
- $1,032,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $583,337 | $583,337 | $706,337 |
| Second mortgage | — | $123,000 | — |
| First P&I | $3,814.72 | $3,814.72 | $4,784.97 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $279.81 | $279.81 | $141.27 |
| Taxes, insurance & HOA | $600.67 | $600.67 | $600.67 |
| Total housing payment | $4,695.20 | $5,597.73 | $5,526.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,663
Closing costs & prepaids$18,251
Usable credit−$0
Total buyer cash needed$96,914
Earnest money paid−$0
Remaining funds due$96,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$942.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$612.74
Prepaid interest, second (6 days)$161.75
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 5 moOf the original 30-year loan at 6.39%
Interest already paid$136,870Through Dec 2026
Assumption only · ends May 2053$683,802
Assumption + second · ends May 2053, second Jan 2057$885,713
New conventional · ends Jan 2057$1,032,782