Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,823/mo
Lowest payment- Down payment
- $74,722
- Funds due
- $91,565
- Interest + MI left
- $963,937
- First ends
- Jan 2055
Assumption
Assumption + second
$6,169/mo
+$346/mo- Down payment
- $40,722
- Funds due
- $58,826
- Interest + MI left
- $1,054,662
- First ends
- Jan 2055
New loan
New conventional
$6,120/mo
+$297/mo- Down payment
- $40,722
- Funds due
- $55,379
- Interest + MI left
- $1,155,292
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $725,178 | $725,178 | $759,178 |
| Second mortgage | — | $34,000 | — |
| First P&I | $4,771.61 | $4,771.61 | $5,256.40 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $339.27 | $339.27 | $151.84 |
| Taxes, insurance & HOA | $712.08 | $712.08 | $712.08 |
| Total housing payment | $5,822.97 | $6,169.43 | $6,120.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,722
Closing costs & prepaids$18,104
Usable credit−$0
Total buyer cash needed$58,826
Earnest money paid−$0
Remaining funds due$58,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,999.00
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)$1,261.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$132.92
Prepaid interest, second (1 days)$11.06
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 closing28 yr 2 moOf the original 30-year loan at 6.690%
Interest already paid$89,927Through Nov 2026
Assumption only · ends Jan 2055$963,937
Assumption + second · ends Jan 2055, second Dec 2056$1,054,662
New conventional · ends Dec 2056$1,155,292