Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,101/mo
Lowest payment- Down payment
- $214,433
- Funds due
- $230,231
- Interest + MI left
- $656,141
- First ends
- Apr 2055
Assumption
Assumption + second
$5,143/mo
+$1,042/mo- Down payment
- $72,433
- Funds due
- $89,543
- Interest + MI left
- $889,242
- First ends
- Apr 2055
New loan
New conventional
$5,224/mo
+$1,123/mo- Down payment
- $72,433
- Funds due
- $85,789
- Interest + MI left
- $980,562
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $504,567 | $504,567 | $646,567 |
| Second mortgage | — | $142,000 | — |
| First P&I | $3,247.80 | $3,247.80 | $4,476.70 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $235.51 | $235.51 | $129.31 |
| Taxes, insurance & HOA | $617.75 | $617.75 | $617.75 |
| Total housing payment | $4,101.06 | $5,143.00 | $5,223.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,433
Closing costs & prepaids$17,110
Usable credit−$0
Total buyer cash needed$89,543
Earnest money paid−$0
Remaining funds due$89,543
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,190.00
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)$1,062.25
Initial HOA (3 months)$141.00
Prepaid interest, first (2 days)$179.71
Prepaid interest, second (2 days)$62.25
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 closing28 yr 5 moOf the original 30-year loan at 6.500%
Interest already paid$52,439Through Nov 2026
Assumption only · ends Apr 2055$656,141
Assumption + second · ends Apr 2055, second Dec 2056$889,242
New conventional · ends Dec 2056$980,562