Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,879/mo
Lowest payment- Down payment
- $64,927
- Funds due
- $78,677
- Interest + MI left
- $564,681
- First ends
- Jul 2053
Assumption
Assumption + second
$4,256/mo
+$377/mo- Down payment
- $27,927
- Funds due
- $43,036
- Interest + MI left
- $663,412
- First ends
- Jul 2053
New loan
New conventional
$4,144/mo
+$266/mo- Down payment
- $27,927
- Funds due
- $39,766
- Interest + MI left
- $764,709
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,073 | $484,073 | $521,073 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,136.57 | $3,136.57 | $3,529.93 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $231.77 | $231.77 | $104.21 |
| Taxes, insurance & HOA | $510.25 | $510.25 | $510.25 |
| Total housing payment | $3,878.58 | $4,255.61 | $4,144.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,927
Closing costs & prepaids$15,108
Usable credit−$0
Total buyer cash needed$43,036
Earnest money paid−$0
Remaining funds due$43,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$658.75
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$754.36
Prepaid interest, second (9 days)$108.34
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 7 moOf the original 30-year loan at 6.32%
Interest already paid$107,000Through Dec 2026
Assumption only · ends Jul 2053$564,681
Assumption + second · ends Jul 2053, second Jan 2057$663,412
New conventional · ends Jan 2057$764,709