Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,291/mo
Lowest payment- Down payment
- $156,103
- Funds due
- $171,287
- Interest + MI left
- $657,665
- First ends
- Aug 2053
Assumption
Assumption + second
$4,999/mo
+$708/mo- Down payment
- $68,103
- Funds due
- $84,732
- Interest + MI left
- $824,570
- First ends
- Aug 2053
New loan
New conventional
$4,763/mo
+$472/mo- Down payment
- $68,103
- Funds due
- $81,012
- Interest + MI left
- $887,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,797 | $518,797 | $606,797 |
| Second mortgage | — | $88,000 | — |
| First P&I | $3,513.00 | $3,513.00 | $4,110.65 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $247.23 | $247.23 | $121.36 |
| Taxes, insurance & HOA | $530.67 | $530.67 | $530.67 |
| Total housing payment | $4,290.90 | $4,998.97 | $4,762.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,103
Closing costs & prepaids$16,630
Usable credit−$0
Total buyer cash needed$84,732
Earnest money paid−$0
Remaining funds due$84,732
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,749.00
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)$810.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$868.59
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 8 moOf the original 30-year loan at 6.79%
Interest already paid$119,901Through Dec 2026
Assumption only · ends Aug 2053$657,665
Assumption + second · ends Aug 2053, second Jan 2057$824,570
New conventional · ends Jan 2057$887,238