Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,621/mo
Lowest payment- Down payment
- $169,177
- Funds due
- $186,123
- Interest + MI left
- $1,054,086
- First ends
- May 2064
Assumption
Assumption + second
$5,394/mo
+$772/mo- Down payment
- $73,177
- Funds due
- $91,420
- Interest + MI left
- $1,236,164
- First ends
- May 2064
New loan
New conventional
$5,634/mo
+$1,013/mo- Down payment
- $73,177
- Funds due
- $87,652
- Interest + MI left
- $996,116
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $560,823 | $560,823 | $656,823 |
| Second mortgage | — | $96,000 | — |
| First P&I | $3,405.64 | $3,405.64 | $4,547.71 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $260.57 | $260.57 | $131.36 |
| Taxes, insurance & HOA | $955.00 | $955.00 | $955.00 |
| Total housing payment | $4,621.21 | $5,393.65 | $5,634.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,177
Closing costs & prepaids$18,243
Usable credit−$0
Total buyer cash needed$91,420
Earnest money paid−$0
Remaining funds due$91,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,300.00
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)$1,825.00
Initial HOA (3 months)$390.00
Prepaid interest, first (2 days)$205.58
Prepaid interest, second (2 days)$47.34
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 closing37 yr 6 moOf the original 40-year loan at 6.690%
Interest already paid$94,480Through Nov 2026
Assumption only · ends May 2064$1,054,086
Assumption + second · ends May 2064, second Dec 2056$1,236,164
New conventional · ends Dec 2056$996,116