Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,420/mo
Lowest payment- Down payment
- $90,299
- Funds due
- $103,937
- Interest + MI left
- $411,293
- First ends
- Jun 2053
Assumption
Assumption + second
$3,670/mo
+$249/mo- Down payment
- $59,299
- Funds due
- $74,233
- Interest + MI left
- $470,089
- First ends
- Jun 2053
New loan
New conventional
$4,145/mo
+$725/mo- Down payment
- $59,299
- Funds due
- $70,788
- Interest + MI left
- $768,662
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,701 | $494,701 | $525,701 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,700.24 | $2,700.24 | $3,561.28 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $240.85 | $240.85 | $105.14 |
| Taxes, insurance & HOA | $479.00 | $479.00 | $479.00 |
| Total housing payment | $3,420.09 | $3,669.52 | $4,145.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,299
Closing costs & prepaids$14,934
Usable credit−$0
Total buyer cash needed$74,233
Earnest money paid−$0
Remaining funds due$74,233
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$234.99
Prepaid interest, first (6 days)$375.70
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 6 moOf the original 30-year loan at 4.62%
Interest already paid$82,610Through Dec 2026
Assumption only · ends Jun 2053$411,293
Assumption + second · ends Jun 2053, second Jan 2057$470,089
New conventional · ends Jan 2057$768,662