Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,452/mo
Lowest payment- Down payment
- $121,121
- Funds due
- $137,805
- Interest + MI left
- $454,619
- First ends
- Jun 2053
Assumption
Assumption + second
$5,007/mo
+$555/mo- Down payment
- $52,121
- Funds due
- $70,157
- Interest + MI left
- $585,487
- First ends
- Jun 2053
New loan
New conventional
$4,946/mo
+$494/mo- Down payment
- $52,121
- Funds due
- $66,624
- Interest + MI left
- $676,806
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,879 | $393,879 | $462,879 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,545.34 | $2,545.34 | $3,135.70 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $188.87 | $188.87 | $92.58 |
| Taxes, insurance & HOA | $1,717.67 | $1,717.67 | $1,717.67 |
| Total housing payment | $4,451.88 | $5,007.07 | $4,945.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,121
Closing costs & prepaids$18,037
Usable credit−$0
Total buyer cash needed$70,157
Earnest money paid−$0
Remaining funds due$70,157
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$4,035.00
Prepaid interest, first (6 days)$406.61
Prepaid interest, second (6 days)$102.08
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$88,696Through Dec 2026
Assumption only · ends Jun 2053$454,619
Assumption + second · ends Jun 2053, second Jan 2057$585,487
New conventional · ends Jan 2057$676,806