Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,783/mo
Lowest payment- Down payment
- $97,537
- Funds due
- $114,819
- Interest + MI left
- $924,620
- First ends
- Nov 2053
Assumption
Assumption + second
$6,364/mo
+$581/mo- Down payment
- $40,537
- Funds due
- $59,180
- Interest + MI left
- $1,076,719
- First ends
- Nov 2053
New loan
New conventional
$5,950/mo
+$166/mo- Down payment
- $40,537
- Funds due
- $55,713
- Interest + MI left
- $1,121,899
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $707,463 | $707,463 | $764,463 |
| Second mortgage | — | $57,000 | — |
| First P&I | $4,829.73 | $4,829.73 | $5,178.74 |
| Second P&I | — | $580.83 | — |
| Mortgage insurance | $335.77 | $335.77 | $152.89 |
| Taxes, insurance & HOA | $618.00 | $618.00 | $618.00 |
| Total housing payment | $5,783.50 | $6,364.33 | $5,949.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,537
Closing costs & prepaids$18,644
Usable credit−$0
Total buyer cash needed$59,180
Earnest money paid−$0
Remaining funds due$59,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,050.00
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)$966.00
Initial HOA (3 months)$237.99
Prepaid interest, first (6 days)$803.60
Prepaid interest, second (6 days)$111.27
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 11 moOf the original 30-year loan at 6.91%
Interest already paid$153,575Through Dec 2026
Assumption only · ends Nov 2053$924,620
Assumption + second · ends Nov 2053, second Jan 2057$1,076,719
New conventional · ends Jan 2057$1,121,899