Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,138/mo
Lowest payment- Down payment
- $87,089
- Funds due
- $100,933
- Interest + MI left
- $557,708
- First ends
- Jan 2053
Assumption
Assumption + second
$4,379/mo
+$241/mo- Down payment
- $57,089
- Funds due
- $72,191
- Interest + MI left
- $614,607
- First ends
- Jan 2053
New loan
New conventional
$4,346/mo
+$209/mo- Down payment
- $57,089
- Funds due
- $68,586
- Interest + MI left
- $776,347
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $481,911 | $481,911 | $511,911 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,078.57 | $3,078.57 | $3,544.37 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $359.46 | $359.46 | $102.38 |
| Taxes, insurance & HOA | $699.58 | $699.58 | $699.58 |
| Total housing payment | $4,137.62 | $4,379.00 | $4,346.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,089
Closing costs & prepaids$15,102
Usable credit−$0
Total buyer cash needed$72,191
Earnest money paid−$0
Remaining funds due$72,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
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)$1,316.75
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$80.67
Prepaid interest, second (1 days)$7.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.110%
Interest already paid$116,047Through Nov 2026
Assumption only · ends Jan 2053$557,708
Assumption + second · ends Jan 2053, second Dec 2056$614,607
New conventional · ends Dec 2056$776,347