Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,358/mo
Lowest payment- Down payment
- $135,553
- Funds due
- $148,924
- Interest + MI left
- $486,808
- First ends
- Jul 2053
Assumption
Assumption + second
$4,009/mo
+$652/mo- Down payment
- $54,553
- Funds due
- $69,314
- Interest + MI left
- $640,436
- First ends
- Jul 2053
New loan
New conventional
$3,901/mo
+$543/mo- Down payment
- $54,553
- Funds due
- $65,749
- Interest + MI left
- $717,115
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,447 | $409,447 | $490,447 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,681.50 | $2,681.50 | $3,322.46 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $195.87 | $195.87 | $98.09 |
| Taxes, insurance & HOA | $480.34 | $480.34 | $480.34 |
| Total housing payment | $3,357.70 | $4,009.45 | $3,900.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,553
Closing costs & prepaids$14,761
Usable credit−$0
Total buyer cash needed$69,314
Earnest money paid−$0
Remaining funds due$69,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Initial HOA (3 months)$287.01
Prepaid interest, first (7 days)$504.91
Prepaid interest, second (7 days)$139.81
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 7 moOf the original 30-year loan at 6.43%
Interest already paid$92,038Through Dec 2026
Assumption only · ends Jul 2053$486,808
Assumption + second · ends Jul 2053, second Jan 2057$640,436
New conventional · ends Jan 2057$717,115