Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,450/mo
Lowest payment- Down payment
- $146,044
- Funds due
- $159,669
- Interest + MI left
- $517,775
- First ends
- Jun 2053
Assumption
Assumption + second
$4,158/mo
+$708/mo- Down payment
- $58,044
- Funds due
- $73,114
- Interest + MI left
- $684,680
- First ends
- Jun 2053
New loan
New conventional
$4,008/mo
+$558/mo- Down payment
- $58,044
- Funds due
- $69,511
- Interest + MI left
- $755,875
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,956 | $428,956 | $516,956 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,842.56 | $2,842.56 | $3,502.04 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $205.27 | $205.27 | $103.39 |
| Taxes, insurance & HOA | $402.50 | $402.50 | $402.50 |
| Total housing payment | $3,450.32 | $4,158.39 | $4,007.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,044
Closing costs & prepaids$15,070
Usable credit−$0
Total buyer cash needed$73,114
Earnest money paid−$0
Remaining funds due$73,114
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$17.49
Prepaid interest, first (9 days)$691.73
Prepaid interest, second (9 days)$195.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.54%
Interest already paid$100,485Through Dec 2026
Assumption only · ends Jun 2053$517,775
Assumption + second · ends Jun 2053, second Jan 2057$684,680
New conventional · ends Jan 2057$755,875