Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,151/mo
Lowest payment- Down payment
- $58,016
- Funds due
- $71,563
- Interest + MI left
- $658,985
- First ends
- Oct 2053
Assumption
Assumption + second
$4,457/mo
+$306/mo- Down payment
- $28,016
- Funds due
- $42,871
- Interest + MI left
- $739,037
- First ends
- Oct 2053
New loan
New conventional
$4,176/mo
+$25/mo- Down payment
- $28,016
- Funds due
- $39,536
- Interest + MI left
- $780,721
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,984 | $501,984 | $531,984 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,446.91 | $3,446.91 | $3,603.84 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $238.42 | $238.42 | $106.40 |
| Taxes, insurance & HOA | $465.67 | $465.67 | $465.67 |
| Total housing payment | $4,151.00 | $4,456.70 | $4,175.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,016
Closing costs & prepaids$14,855
Usable credit−$0
Total buyer cash needed$42,871
Earnest money paid−$0
Remaining funds due$42,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$574.32
Prepaid interest, second (6 days)$58.56
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 10 moOf the original 30-year loan at 6.96%
Interest already paid$112,770Through Dec 2026
Assumption only · ends Oct 2053$658,985
Assumption + second · ends Oct 2053, second Jan 2057$739,037
New conventional · ends Jan 2057$780,721