Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,418/mo
Lowest payment- Down payment
- $367,517
- Funds due
- $381,629
- Interest + MI left
- $332,992
- First ends
- Aug 2053
Assumption
Assumption + second
$4,588/mo
+$2,171/mo- Down payment
- $64,517
- Funds due
- $80,265
- Interest + MI left
- $811,454
- First ends
- Aug 2053
New loan
New conventional
$4,495/mo
+$2,077/mo- Down payment
- $64,517
- Funds due
- $76,569
- Interest + MI left
- $841,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,483 | $272,483 | $575,483 |
| Second mortgage | — | $303,000 | — |
| First P&I | $1,806.67 | $1,806.67 | $3,898.52 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | $130.06 | $130.06 | $115.10 |
| Taxes, insurance & HOA | $481.00 | $481.00 | $481.00 |
| Total housing payment | $2,417.73 | $4,588.46 | $4,494.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,517
Closing costs & prepaids$15,748
Usable credit−$0
Total buyer cash needed$80,265
Earnest money paid−$0
Remaining funds due$80,265
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$768.00
Initial HOA (3 months)$174.99
Prepaid interest, first (6 days)$294.28
Prepaid interest, second (6 days)$386.01
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 8 moOf the original 30-year loan at 6.57%
Interest already paid$60,985Through Dec 2026
Assumption only · ends Aug 2053$332,992
Assumption + second · ends Aug 2053, second Jan 2057$811,454
New conventional · ends Jan 2057$841,451