Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,453/mo
Lowest payment- Down payment
- $58,285
- Funds due
- $72,255
- Interest + MI left
- $663,263
- First ends
- Oct 2053
Assumption
Assumption + second
$4,759/mo
+$306/mo- Down payment
- $28,285
- Funds due
- $43,515
- Interest + MI left
- $743,315
- First ends
- Oct 2053
New loan
New conventional
$4,513/mo
+$60/mo- Down payment
- $28,285
- Funds due
- $40,182
- Interest + MI left
- $792,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $490,715 | $490,715 | $520,715 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,417.19 | $3,417.19 | $3,605.33 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $232.59 | $232.59 | $104.14 |
| Taxes, insurance & HOA | $803.17 | $803.17 | $803.17 |
| Total housing payment | $4,452.94 | $4,758.64 | $4,512.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,285
Closing costs & prepaids$15,230
Usable credit−$0
Total buyer cash needed$43,515
Earnest money paid−$0
Remaining funds due$43,515
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$1,372.50
Initial HOA (3 months)$537.00
Prepaid interest, first (1 days)$95.72
Prepaid interest, second (1 days)$9.76
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 11 moOf the original 30-year loan at 7.120%
Interest already paid$109,684Through Nov 2026
Assumption only · ends Oct 2053$663,263
Assumption + second · ends Oct 2053, second Dec 2056$743,315
New conventional · ends Dec 2056$792,407