Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,181/mo
Lowest payment- Down payment
- $85,261
- Funds due
- $99,348
- Interest + MI left
- $622,856
- First ends
- Jun 2053
Assumption
Assumption + second
$4,732/mo
+$550/mo- Down payment
- $31,261
- Funds due
- $46,704
- Interest + MI left
- $766,950
- First ends
- Jun 2053
New loan
New conventional
$4,576/mo
+$394/mo- Down payment
- $31,261
- Funds due
- $43,379
- Interest + MI left
- $871,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $539,639 | $539,639 | $593,639 |
| Second mortgage | — | $54,000 | — |
| First P&I | $3,487.27 | $3,487.27 | $4,021.52 |
| Second P&I | — | $550.26 | — |
| Mortgage insurance | $258.77 | $258.77 | $118.73 |
| Taxes, insurance & HOA | $435.42 | $435.42 | $435.42 |
| Total housing payment | $4,181.46 | $4,731.72 | $4,575.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,261
Closing costs & prepaids$15,443
Usable credit−$0
Total buyer cash needed$46,704
Earnest money paid−$0
Remaining funds due$46,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.00
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)$750.00
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$557.09
Prepaid interest, second (6 days)$105.41
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 6.28%
Interest already paid$121,520Through Dec 2026
Assumption only · ends Jun 2053$622,856
Assumption + second · ends Jun 2053, second Jan 2057$766,950
New conventional · ends Jan 2057$871,204