Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,058/mo
Lowest payment- Down payment
- $91,601
- Funds due
- $105,652
- Interest + MI left
- $594,719
- First ends
- Jul 2053
Assumption
Assumption + second
$4,308/mo
+$249/mo- Down payment
- $60,601
- Funds due
- $75,948
- Interest + MI left
- $653,515
- First ends
- Jul 2053
New loan
New conventional
$4,295/mo
+$237/mo- Down payment
- $60,601
- Funds due
- $72,359
- Interest + MI left
- $796,001
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,399 | $513,399 | $544,399 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,313.65 | $3,313.65 | $3,687.95 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $245.88 | $245.88 | $108.88 |
| Taxes, insurance & HOA | $498.67 | $498.67 | $498.67 |
| Total housing payment | $4,058.20 | $4,307.63 | $4,295.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,601
Closing costs & prepaids$15,347
Usable credit−$0
Total buyer cash needed$75,948
Earnest money paid−$0
Remaining funds due$75,948
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,050.00
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)$726.00
Initial HOA (3 months)$270.00
Prepaid interest, first (6 days)$530.00
Prepaid interest, second (6 days)$45.86
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 7 moOf the original 30-year loan at 6.28%
Interest already paid$112,783Through Dec 2026
Assumption only · ends Jul 2053$594,719
Assumption + second · ends Jul 2053, second Jan 2057$653,515
New conventional · ends Jan 2057$796,001