Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,798/mo
Lowest payment- Down payment
- $239,343
- Funds due
- $258,081
- Interest + MI left
- $860,036
- First ends
- Sep 2053
Assumption
Assumption + second
$6,855/mo
+$1,057/mo- Down payment
- $95,343
- Funds due
- $115,394
- Interest + MI left
- $1,096,420
- First ends
- Sep 2053
New loan
New conventional
$6,892/mo
+$1,094/mo- Down payment
- $95,343
- Funds due
- $111,422
- Interest + MI left
- $1,296,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $710,657 | $710,657 | $854,657 |
| Second mortgage | — | $144,000 | — |
| First P&I | $4,655.83 | $4,655.83 | $5,917.47 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $338.67 | $338.67 | $170.93 |
| Taxes, insurance & HOA | $803.50 | $803.50 | $803.50 |
| Total housing payment | $5,798.00 | $6,854.62 | $6,891.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,343
Closing costs & prepaids$20,051
Usable credit−$0
Total buyer cash needed$115,394
Earnest money paid−$0
Remaining funds due$115,394
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,500.00
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)$1,741.75
Initial HOA (3 months)$18.75
Prepaid interest, first (2 days)$251.94
Prepaid interest, second (2 days)$63.12
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 10 moOf the original 30-year loan at 6.470%
Interest already paid$148,670Through Nov 2026
Assumption only · ends Sep 2053$860,036
Assumption + second · ends Sep 2053, second Dec 2056$1,096,420
New conventional · ends Dec 2056$1,296,145