Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,035/mo
Lowest payment- Down payment
- $171,736
- Funds due
- $185,878
- Interest + MI left
- $626,648
- First ends
- Jun 2053
Assumption
Assumption + second
$4,784/mo
+$748/mo- Down payment
- $69,736
- Funds due
- $85,173
- Interest + MI left
- $794,086
- First ends
- Jun 2053
New loan
New conventional
$4,776/mo
+$741/mo- Down payment
- $69,736
- Funds due
- $81,447
- Interest + MI left
- $939,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,264 | $517,264 | $619,264 |
| Second mortgage | — | $102,000 | — |
| First P&I | $3,423.75 | $3,423.75 | $4,287.66 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $247.24 | $247.24 | $123.85 |
| Taxes, insurance & HOA | $364.09 | $364.09 | $364.09 |
| Total housing payment | $4,035.07 | $4,783.51 | $4,775.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,736
Closing costs & prepaids$15,437
Usable credit−$0
Total buyer cash needed$85,173
Earnest money paid−$0
Remaining funds due$85,173
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,890.00
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)$485.25
Initial HOA (3 months)$107.01
Prepaid interest, first (2 days)$185.36
Prepaid interest, second (2 days)$44.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.540%
Interest already paid$118,211Through Nov 2026
Assumption only · ends Jun 2053$626,648
Assumption + second · ends Jun 2053, second Dec 2056$794,086
New conventional · ends Dec 2056$939,032