Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,632/mo
Lowest payment- Down payment
- $61,940
- Funds due
- $77,993
- Interest + MI left
- $777,414
- First ends
- Mar 2053
Assumption
Assumption + second
$5,908/mo
+$275/mo- Down payment
- $34,940
- Funds due
- $52,252
- Interest + MI left
- $849,461
- First ends
- Mar 2053
New loan
New conventional
$5,708/mo
+$75/mo- Down payment
- $34,940
- Funds due
- $48,867
- Interest + MI left
- $1,004,590
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $633,060 | $633,060 | $660,060 |
| Second mortgage | — | $27,000 | — |
| First P&I | $4,156.91 | $4,156.91 | $4,570.12 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $469.75 | $469.75 | $132.01 |
| Taxes, insurance & HOA | $1,005.83 | $1,005.83 | $1,005.83 |
| Total housing payment | $5,632.49 | $5,907.62 | $5,707.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,940
Closing costs & prepaids$17,313
Usable credit−$0
Total buyer cash needed$52,252
Earnest money paid−$0
Remaining funds due$52,252
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,950.00
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)$1,737.50
Initial HOA (3 months)$780.00
Prepaid interest, first (1 days)$111.35
Prepaid interest, second (1 days)$8.78
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 4 moOf the original 30-year loan at 6.420%
Interest already paid$152,786Through Nov 2026
Assumption only · ends Mar 2053$777,414
Assumption + second · ends Mar 2053, second Dec 2056$849,461
New conventional · ends Dec 2056$1,004,590