Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,666/mo
Lowest payment- Down payment
- $92,718
- Funds due
- $105,935
- Interest + MI left
- $558,828
- First ends
- Aug 2053
Assumption
Assumption + second
$3,964/mo
+$298/mo- Down payment
- $55,718
- Funds due
- $70,239
- Interest + MI left
- $629,003
- First ends
- Aug 2053
New loan
New conventional
$3,863/mo
+$197/mo- Down payment
- $55,718
- Funds due
- $66,667
- Interest + MI left
- $722,722
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,282 | $457,282 | $494,282 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,031.96 | $3,031.96 | $3,348.44 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $218.27 | $218.27 | $98.86 |
| Taxes, insurance & HOA | $415.84 | $415.84 | $415.84 |
| Total housing payment | $3,666.06 | $3,963.77 | $3,863.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,718
Closing costs & prepaids$14,521
Usable credit−$0
Total buyer cash needed$70,239
Earnest money paid−$0
Remaining funds due$70,239
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$87.51
Prepaid interest, first (6 days)$493.86
Prepaid interest, second (6 days)$54.74
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$102,345Through Dec 2026
Assumption only · ends Aug 2053$558,828
Assumption + second · ends Aug 2053, second Jan 2057$629,003
New conventional · ends Jan 2057$722,722