Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,616/mo
Lowest payment- Down payment
- $170,659
- Funds due
- $184,874
- Interest + MI left
- $549,920
- First ends
- Oct 2053
Assumption
Assumption + second
$4,424/mo
+$807/mo- Down payment
- $60,659
- Funds due
- $76,341
- Interest + MI left
- $730,491
- First ends
- Oct 2053
New loan
New conventional
$4,268/mo
+$651/mo- Down payment
- $60,659
- Funds due
- $72,701
- Interest + MI left
- $788,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,241 | $429,241 | $539,241 |
| Second mortgage | — | $110,000 | — |
| First P&I | $2,905.72 | $2,905.72 | $3,653.01 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $204.08 | $204.08 | $107.85 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $3,616.46 | $4,423.60 | $4,267.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,659
Closing costs & prepaids$15,682
Usable credit−$0
Total buyer cash needed$76,341
Earnest money paid−$0
Remaining funds due$76,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$720.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$720.77
Prepaid interest, second (9 days)$216.99
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$94,400Through Dec 2026
Assumption only · ends Oct 2053$549,920
Assumption + second · ends Oct 2053, second Jan 2057$730,491
New conventional · ends Jan 2057$788,460