Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$681/mo
Lowest payment- Down payment
- $599,568
- Funds due
- $613,384
- Interest + MI left
- $24,562
- First ends
- May 2053
Assumption
Assumption + second
$4,528/mo
+$3,847/mo- Down payment
- $62,568
- Funds due
- $78,660
- Interest + MI left
- $872,530
- First ends
- May 2053
New loan
New conventional
$4,420/mo
+$3,739/mo- Down payment
- $62,568
- Funds due
- $74,910
- Interest + MI left
- $813,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,432 | $19,432 | $556,432 |
| Second mortgage | — | $537,000 | — |
| First P&I | $132.77 | $132.77 | $3,769.46 |
| Second P&I | — | $3,847.13 | — |
| Mortgage insurance | $9.09 | $9.09 | $111.29 |
| Taxes, insurance & HOA | $539.25 | $539.25 | $539.25 |
| Total housing payment | $681.11 | $4,528.24 | $4,420.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,568
Closing costs & prepaids$16,092
Usable credit−$0
Total buyer cash needed$78,660
Earnest money paid−$0
Remaining funds due$78,660
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$32.82
Prepaid interest, second (9 days)$1,026.18
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 5 moOf the original 28-year loan at 6.85%
Interest already paid$2,130Through Dec 2026
Assumption only · ends May 2053$24,562
Assumption + second · ends May 2053, second Jan 2057$872,530
New conventional · ends Jan 2057$813,596