Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,927/mo
Lowest payment- Down payment
- $172,673
- Funds due
- $186,773
- Interest + MI left
- $593,068
- First ends
- May 2053
Assumption
Assumption + second
$4,712/mo
+$785/mo- Down payment
- $65,673
- Funds due
- $81,070
- Interest + MI left
- $768,714
- First ends
- May 2053
New loan
New conventional
$4,664/mo
+$738/mo- Down payment
- $65,673
- Funds due
- $77,379
- Interest + MI left
- $893,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,327 | $482,327 | $589,327 |
| Second mortgage | — | $107,000 | — |
| First P&I | $3,230.07 | $3,230.07 | $4,080.38 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $230.61 | $230.61 | $117.87 |
| Taxes, insurance & HOA | $466.25 | $466.25 | $466.25 |
| Total housing payment | $3,926.93 | $4,712.06 | $4,664.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,673
Closing costs & prepaids$15,396
Usable credit−$0
Total buyer cash needed$81,070
Earnest money paid−$0
Remaining funds due$81,070
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,550.00
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)$793.75
Initial HOA (3 months)$105.00
Prepaid interest, first (2 days)$175.75
Prepaid interest, second (2 days)$46.90
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 6.650%
Interest already paid$114,837Through Nov 2026
Assumption only · ends May 2053$593,068
Assumption + second · ends May 2053, second Dec 2056$768,714
New conventional · ends Dec 2056$893,754