Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,508/mo
Lowest payment- Down payment
- $626,051
- Funds due
- $647,249
- Interest + MI left
- $626,857
- First ends
- Aug 2053
Assumption
Assumption + second
$8,176/mo
+$3,668/mo- Down payment
- $114,051
- Funds due
- $137,260
- Interest + MI left
- $1,435,348
- First ends
- Aug 2053
New loan
New conventional
$8,011/mo
+$3,502/mo- Down payment
- $114,051
- Funds due
- $133,074
- Interest + MI left
- $1,498,645
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,949 | $512,949 | $1,024,949 |
| Second mortgage | — | $512,000 | — |
| First P&I | $3,401.05 | $3,401.05 | $6,943.36 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | $244.84 | $244.84 | $204.99 |
| Taxes, insurance & HOA | $862.25 | $862.25 | $862.25 |
| Total housing payment | $4,508.14 | $8,176.17 | $8,010.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$114,051
Closing costs & prepaids$23,209
Usable credit−$0
Total buyer cash needed$137,260
Earnest money paid−$0
Remaining funds due$137,260
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,390.00
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)$1,366.75
Initial HOA (3 months)$570.00
Prepaid interest, first (7 days)$646.32
Prepaid interest, second (7 days)$760.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$114,804Through Dec 2026
Assumption only · ends Aug 2053$626,857
Assumption + second · ends Aug 2053, second Jan 2057$1,435,348
New conventional · ends Jan 2057$1,498,645