Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,571/mo
Lowest payment- Down payment
- $114,491
- Funds due
- $127,619
- Interest + MI left
- $518,045
- First ends
- May 2053
Assumption
Assumption + second
$4,038/mo
+$467/mo- Down payment
- $56,491
- Funds due
- $70,898
- Interest + MI left
- $628,050
- First ends
- May 2053
New loan
New conventional
$4,072/mo
+$501/mo- Down payment
- $56,491
- Funds due
- $67,306
- Interest + MI left
- $771,036
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $450,409 | $450,409 | $508,409 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,904.98 | $2,904.98 | $3,520.12 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $216.02 | $216.02 | $101.68 |
| Taxes, insurance & HOA | $449.83 | $449.83 | $449.83 |
| Total housing payment | $3,570.83 | $4,037.51 | $4,071.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,491
Closing costs & prepaids$14,407
Usable credit−$0
Total buyer cash needed$70,898
Earnest money paid−$0
Remaining funds due$70,898
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,649.00
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)$585.50
Initial HOA (3 months)$264.00
Prepaid interest, first (2 days)$154.50
Prepaid interest, second (2 days)$28.60
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$101,112Through Nov 2026
Assumption only · ends May 2053$518,045
Assumption + second · ends May 2053, second Dec 2056$628,050
New conventional · ends Dec 2056$771,036