Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,630/mo
Lowest payment- Down payment
- $97,053
- Funds due
- $111,956
- Interest + MI left
- $642,691
- First ends
- May 2053
Assumption
Assumption + second
$4,887/mo
+$257/mo- Down payment
- $65,053
- Funds due
- $81,214
- Interest + MI left
- $703,383
- First ends
- May 2053
New loan
New conventional
$4,944/mo
+$315/mo- Down payment
- $65,053
- Funds due
- $77,528
- Interest + MI left
- $887,111
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $552,947 | $552,947 | $584,947 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,587.19 | $3,587.19 | $4,050.05 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $265.06 | $265.06 | $116.99 |
| Taxes, insurance & HOA | $777.33 | $777.33 | $777.33 |
| Total housing payment | $4,629.59 | $4,887.07 | $4,944.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,053
Closing costs & prepaids$16,161
Usable credit−$0
Total buyer cash needed$81,214
Earnest money paid−$0
Remaining funds due$81,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$1,625.00
Initial HOA (3 months)$207.00
Prepaid interest, first (1 days)$95.74
Prepaid interest, second (1 days)$7.89
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 6 moOf the original 30-year loan at 6.320%
Interest already paid$125,288Through Nov 2026
Assumption only · ends May 2053$642,691
Assumption + second · ends May 2053, second Dec 2056$703,383
New conventional · ends Dec 2056$887,111