Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,198/mo
Lowest payment- Down payment
- $60,772
- Funds due
- $74,877
- Interest + MI left
- $649,854
- First ends
- Nov 2053
Assumption
Assumption + second
$4,535/mo
+$336/mo- Down payment
- $27,772
- Funds due
- $43,224
- Interest + MI left
- $737,912
- First ends
- Nov 2053
New loan
New conventional
$4,251/mo
+$53/mo- Down payment
- $27,772
- Funds due
- $39,885
- Interest + MI left
- $772,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $493,228 | $493,228 | $526,228 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,383.20 | $3,383.20 | $3,564.85 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $234.02 | $234.02 | $105.25 |
| Taxes, insurance & HOA | $581.25 | $581.25 | $581.25 |
| Total housing payment | $4,198.47 | $4,534.74 | $4,251.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,772
Closing costs & prepaids$15,452
Usable credit−$0
Total buyer cash needed$43,224
Earnest money paid−$0
Remaining funds due$43,224
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,540.00
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)$664.75
Initial HOA (3 months)$579.00
Prepaid interest, first (9 days)$846.46
Prepaid interest, second (9 days)$96.63
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 11 moOf the original 30-year loan at 6.96%
Interest already paid$107,825Through Dec 2026
Assumption only · ends Nov 2053$649,854
Assumption + second · ends Nov 2053, second Jan 2057$737,912
New conventional · ends Jan 2057$772,274