Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,679/mo
Lowest payment- Down payment
- $273,717
- Funds due
- $291,703
- Interest + MI left
- $658,626
- First ends
- Apr 2053
Assumption
Assumption + second
$6,051/mo
+$1,372/mo- Down payment
- $86,717
- Funds due
- $106,322
- Interest + MI left
- $965,596
- First ends
- Apr 2053
New loan
New conventional
$6,051/mo
+$1,372/mo- Down payment
- $86,717
- Funds due
- $102,521
- Interest + MI left
- $1,137,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $591,283 | $591,283 | $778,283 |
| Second mortgage | — | $187,000 | — |
| First P&I | $3,771.25 | $3,771.25 | $5,272.36 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $284.63 | $284.63 | $155.66 |
| Taxes, insurance & HOA | $622.84 | $622.84 | $622.84 |
| Total housing payment | $4,678.72 | $6,050.86 | $6,050.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,717
Closing costs & prepaids$19,605
Usable credit−$0
Total buyer cash needed$106,322
Earnest money paid−$0
Remaining funds due$106,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,038.00
Initial HOA (3 months)$180.51
Prepaid interest, first (9 days)$892.27
Prepaid interest, second (9 days)$368.88
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 4 moOf the original 30-year loan at 6.12%
Interest already paid$136,218Through Dec 2026
Assumption only · ends Apr 2053$658,626
Assumption + second · ends Apr 2053, second Jan 2057$965,596
New conventional · ends Jan 2057$1,137,978