Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,390/mo
Lowest payment- Down payment
- $168,390
- Funds due
- $184,474
- Interest + MI left
- $641,136
- First ends
- Jun 2053
Assumption
Assumption + second
$5,162/mo
+$772/mo- Down payment
- $72,390
- Funds due
- $89,890
- Interest + MI left
- $823,213
- First ends
- Jun 2053
New loan
New conventional
$5,064/mo
+$674/mo- Down payment
- $72,390
- Funds due
- $86,174
- Interest + MI left
- $946,911
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $551,609 | $551,609 | $647,609 |
| Second mortgage | — | $96,000 | — |
| First P&I | $3,578.51 | $3,578.51 | $4,387.13 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $264.42 | $264.42 | $129.52 |
| Taxes, insurance & HOA | $546.92 | $546.92 | $546.92 |
| Total housing payment | $4,389.85 | $5,162.29 | $5,063.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,390
Closing costs & prepaids$17,500
Usable credit−$0
Total buyer cash needed$89,890
Earnest money paid−$0
Remaining funds due$89,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,199.99
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)$864.00
Initial HOA (3 months)$126.75
Prepaid interest, first (7 days)$668.58
Prepaid interest, second (7 days)$165.70
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 6 moOf the original 30-year loan at 6.32%
Interest already paid$124,985Through Dec 2026
Assumption only · ends Jun 2053$641,136
Assumption + second · ends Jun 2053, second Jan 2057$823,213
New conventional · ends Jan 2057$946,911