Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,351/mo
Lowest payment- Down payment
- $90,405
- Funds due
- $105,223
- Interest + MI left
- $651,584
- First ends
- Oct 2053
Assumption
Assumption + second
$4,592/mo
+$241/mo- Down payment
- $60,405
- Funds due
- $76,540
- Interest + MI left
- $708,483
- First ends
- Oct 2053
New loan
New conventional
$4,423/mo
+$72/mo- Down payment
- $60,405
- Funds due
- $72,918
- Interest + MI left
- $787,515
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $508,595 | $508,595 | $538,595 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,442.90 | $3,442.90 | $3,648.63 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $241.80 | $241.80 | $107.72 |
| Taxes, insurance & HOA | $666.25 | $666.25 | $666.25 |
| Total housing payment | $4,350.95 | $4,592.34 | $4,422.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,405
Closing costs & prepaids$16,134
Usable credit−$0
Total buyer cash needed$76,540
Earnest money paid−$0
Remaining funds due$76,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$854.02
Prepaid interest, second (9 days)$66.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 6.81%
Interest already paid$111,852Through Dec 2026
Assumption only · ends Oct 2053$651,584
Assumption + second · ends Oct 2053, second Jan 2057$708,483
New conventional · ends Jan 2057$787,515