Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,602/mo
Lowest payment- Down payment
- $437,001
- Funds due
- $450,527
- Interest + MI left
- $192,172
- First ends
- Mar 2053
Assumption
Assumption + second
$4,310/mo
+$2,708/mo- Down payment
- $59,001
- Funds due
- $74,499
- Interest + MI left
- $789,066
- First ends
- Mar 2053
New loan
New conventional
$4,171/mo
+$2,568/mo- Down payment
- $59,001
- Funds due
- $70,828
- Interest + MI left
- $776,408
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,999 | $152,999 | $530,999 |
| Second mortgage | — | $378,000 | — |
| First P&I | $1,021.37 | $1,021.37 | $3,597.17 |
| Second P&I | — | $2,708.04 | — |
| Mortgage insurance | $113.51 | $113.51 | $106.20 |
| Taxes, insurance & HOA | $467.42 | $467.42 | $467.42 |
| Total housing payment | $1,602.30 | $4,310.34 | $4,170.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,001
Closing costs & prepaids$15,498
Usable credit−$0
Total buyer cash needed$74,499
Earnest money paid−$0
Remaining funds due$74,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,900.00
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)$708.00
Initial HOA (3 months)$194.25
Prepaid interest, first (9 days)$248.23
Prepaid interest, second (9 days)$722.34
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 6.58%
Interest already paid$38,704Through Dec 2026
Assumption only · ends Mar 2053$192,172
Assumption + second · ends Mar 2053, second Jan 2057$789,066
New conventional · ends Jan 2057$776,408