Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,077/mo
Lowest payment- Down payment
- $102,493
- Funds due
- $124,340
- Interest + MI left
- $1,073,587
- First ends
- Apr 2053
Assumption
Assumption + second
$8,535/mo
+$459/mo- Down payment
- $57,493
- Funds due
- $80,605
- Interest + MI left
- $1,193,665
- First ends
- Apr 2053
New loan
New conventional
$8,948/mo
+$871/mo- Down payment
- $57,493
- Funds due
- $77,023
- Interest + MI left
- $1,647,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,037,507 | $1,037,507 | $1,082,507 |
| Second mortgage | — | $45,000 | — |
| First P&I | $6,339.63 | $6,339.63 | $7,495.06 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $500.63 | $500.63 | $216.50 |
| Taxes, insurance & HOA | $1,236.67 | $1,236.67 | $1,236.67 |
| Total housing payment | $8,076.93 | $8,535.48 | $8,948.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,493
Closing costs & prepaids$23,112
Usable credit−$0
Total buyer cash needed$80,605
Earnest money paid−$0
Remaining funds due$80,605
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,400.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,850.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$162.02
Prepaid interest, second (1 days)$14.64
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 5 moOf the original 30-year loan at 5.700%
Interest already paid$217,825Through Nov 2026
Assumption only · ends Apr 2053$1,073,587
Assumption + second · ends Apr 2053, second Dec 2056$1,193,665
New conventional · ends Dec 2056$1,647,540