Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,218/mo
Lowest payment- Down payment
- $122,958
- Funds due
- $137,677
- Interest + MI left
- $566,730
- First ends
- May 2053
Assumption
Assumption + second
$4,684/mo
+$467/mo- Down payment
- $64,958
- Funds due
- $80,956
- Interest + MI left
- $676,735
- First ends
- May 2053
New loan
New conventional
$4,821/mo
+$604/mo- Down payment
- $64,958
- Funds due
- $77,291
- Interest + MI left
- $871,975
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,042 | $517,042 | $575,042 |
| Second mortgage | — | $58,000 | — |
| First P&I | $3,253.97 | $3,253.97 | $3,981.47 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $238.77 | $238.77 | $115.01 |
| Taxes, insurance & HOA | $724.83 | $724.83 | $724.83 |
| Total housing payment | $4,217.57 | $4,684.25 | $4,821.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,958
Closing costs & prepaids$15,998
Usable credit−$0
Total buyer cash needed$80,956
Earnest money paid−$0
Remaining funds due$80,956
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$1,674.50
Prepaid interest, first (2 days)$170.27
Prepaid interest, second (2 days)$28.60
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 27-year loan at 6.010%
Interest already paid$15,606Through Nov 2026
Assumption only · ends May 2053$566,730
Assumption + second · ends May 2053, second Dec 2056$676,735
New conventional · ends Dec 2056$871,975