Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,822/mo
Lowest payment- Down payment
- $153,391
- Funds due
- $171,717
- Interest + MI left
- $793,574
- First ends
- Apr 2053
Assumption
Assumption + second
$6,393/mo
+$571/mo- Down payment
- $82,391
- Funds due
- $102,002
- Interest + MI left
- $928,236
- First ends
- Apr 2053
New loan
New conventional
$6,360/mo
+$538/mo- Down payment
- $82,391
- Funds due
- $98,156
- Interest + MI left
- $1,118,634
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $666,609 | $666,609 | $737,609 |
| Second mortgage | — | $71,000 | — |
| First P&I | $4,397.23 | $4,397.23 | $5,107.06 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $319.52 | $319.52 | $147.52 |
| Taxes, insurance & HOA | $1,105.00 | $1,105.00 | $1,105.00 |
| Total housing payment | $5,821.76 | $6,393.04 | $6,359.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,391
Closing costs & prepaids$19,612
Usable credit−$0
Total buyer cash needed$102,002
Earnest money paid−$0
Remaining funds due$102,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,200.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,050.00
Initial HOA (3 months)$615.00
Prepaid interest, first (2 days)$236.69
Prepaid interest, second (2 days)$35.01
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 5 moOf the original 30-year loan at 6.480%
Interest already paid$158,550Through Nov 2026
Assumption only · ends Apr 2053$793,574
Assumption + second · ends Apr 2053, second Dec 2056$928,236
New conventional · ends Dec 2056$1,118,634