Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,839/mo
Lowest payment- Down payment
- $83,521
- Funds due
- $97,019
- Interest + MI left
- $569,103
- First ends
- Jun 2053
Assumption
Assumption + second
$4,064/mo
+$225/mo- Down payment
- $55,521
- Funds due
- $70,311
- Interest + MI left
- $622,209
- First ends
- Jun 2053
New loan
New conventional
$3,972/mo
+$134/mo- Down payment
- $55,521
- Funds due
- $66,746
- Interest + MI left
- $730,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $471,479 | $471,479 | $499,479 |
| Second mortgage | — | $28,000 | — |
| First P&I | $3,124.35 | $3,124.35 | $3,383.64 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $225.62 | $225.62 | $99.90 |
| Taxes, insurance & HOA | $488.67 | $488.67 | $488.67 |
| Total housing payment | $3,838.63 | $4,063.92 | $3,972.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,521
Closing costs & prepaids$14,789
Usable credit−$0
Total buyer cash needed$70,311
Earnest money paid−$0
Remaining funds due$70,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$666.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$506.87
Prepaid interest, second (6 days)$41.42
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$110,446Through Dec 2026
Assumption only · ends Jun 2053$569,103
Assumption + second · ends Jun 2053, second Jan 2057$622,209
New conventional · ends Jan 2057$730,321