Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,292/mo
+$95/mo- Down payment
- $65,005
- Funds due
- $78,603
- Interest + MI left
- $657,754
- First ends
- Jan 2053
Assumption
Assumption + second
$4,659/mo
+$462/mo- Down payment
- $29,005
- Funds due
- $43,924
- Interest + MI left
- $753,817
- First ends
- Jan 2053
New loan
New conventional
$4,197/mo
Lowest payment- Down payment
- $29,005
- Funds due
- $40,575
- Interest + MI left
- $782,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $497,495 | $497,495 | $533,495 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,446.78 | $3,446.78 | $3,614.08 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $368.83 | $368.83 | $106.70 |
| Taxes, insurance & HOA | $476.67 | $476.67 | $476.67 |
| Total housing payment | $4,292.28 | $4,659.12 | $4,197.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,005
Closing costs & prepaids$14,919
Usable credit−$0
Total buyer cash needed$43,924
Earnest money paid−$0
Remaining funds due$43,924
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,625.00
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)$675.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$568.37
Prepaid interest, second (6 days)$70.27
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 1 moOf the original 30-year loan at 6.95%
Interest already paid$138,791Through Dec 2026
Assumption only · ends Jan 2053$657,754
Assumption + second · ends Jan 2053, second Jan 2057$753,817
New conventional · ends Jan 2057$782,832