Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,617/mo
Lowest payment- Down payment
- $92,193
- Funds due
- $104,850
- Interest + MI left
- $561,505
- First ends
- Aug 2053
Assumption
Assumption + second
$3,914/mo
+$298/mo- Down payment
- $55,193
- Funds due
- $69,109
- Interest + MI left
- $631,680
- First ends
- Aug 2053
New loan
New conventional
$3,891/mo
+$275/mo- Down payment
- $55,193
- Funds due
- $65,516
- Interest + MI left
- $750,408
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,807 | $457,807 | $494,807 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,031.96 | $3,031.96 | $3,425.94 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $218.27 | $218.27 | $98.96 |
| Taxes, insurance & HOA | $366.50 | $366.50 | $366.50 |
| Total housing payment | $3,616.73 | $3,914.44 | $3,891.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,193
Closing costs & prepaids$13,916
Usable credit−$0
Total buyer cash needed$69,109
Earnest money paid−$0
Remaining funds due$69,109
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$512.00
Initial HOA (3 months)$87.51
Prepaid interest, first (1 days)$82.41
Prepaid interest, second (1 days)$9.12
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$99,839Through Nov 2026
Assumption only · ends Aug 2053$561,505
Assumption + second · ends Aug 2053, second Dec 2056$631,680
New conventional · ends Dec 2056$750,408