Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,411/mo
Lowest payment- Down payment
- $175,697
- Funds due
- $191,329
- Interest + MI left
- $629,308
- First ends
- Mar 2053
Assumption
Assumption + second
$5,189/mo
+$778/mo- Down payment
- $69,697
- Funds due
- $86,788
- Interest + MI left
- $803,313
- First ends
- Mar 2053
New loan
New conventional
$4,974/mo
+$563/mo- Down payment
- $69,697
- Funds due
- $83,116
- Interest + MI left
- $906,986
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,303 | $514,303 | $620,303 |
| Second mortgage | — | $106,000 | — |
| First P&I | $3,381.21 | $3,381.21 | $4,202.15 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $382.09 | $382.09 | $124.06 |
| Taxes, insurance & HOA | $647.67 | $647.67 | $647.67 |
| Total housing payment | $4,410.98 | $5,188.77 | $4,973.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,697
Closing costs & prepaids$17,091
Usable credit−$0
Total buyer cash needed$86,788
Earnest money paid−$0
Remaining funds due$86,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,900.00
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)$828.00
Initial HOA (3 months)$615.00
Prepaid interest, first (9 days)$814.15
Prepaid interest, second (9 days)$209.10
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 3 moOf the original 30-year loan at 6.42%
Interest already paid$127,031Through Dec 2026
Assumption only · ends Mar 2053$629,308
Assumption + second · ends Mar 2053, second Jan 2057$803,313
New conventional · ends Jan 2057$906,986