Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,023/mo
Lowest payment- Down payment
- $192,657
- Funds due
- $209,989
- Interest + MI left
- $825,055
- First ends
- May 2056
Assumption
Assumption + second
$5,844/mo
+$822/mo- Down payment
- $80,657
- Funds due
- $99,264
- Interest + MI left
- $1,008,909
- First ends
- May 2056
New loan
New conventional
$6,007/mo
+$984/mo- Down payment
- $80,657
- Funds due
- $95,420
- Interest + MI left
- $1,090,780
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $607,243 | $607,243 | $719,243 |
| Second mortgage | — | $112,000 | — |
| First P&I | $3,859.41 | $3,859.41 | $4,979.89 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $279.86 | $279.86 | $143.85 |
| Taxes, insurance & HOA | $883.25 | $883.25 | $883.25 |
| Total housing payment | $5,022.52 | $5,844.33 | $6,006.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,657
Closing costs & prepaids$18,606
Usable credit−$0
Total buyer cash needed$99,264
Earnest money paid−$0
Remaining funds due$99,264
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)$1,999.75
Prepaid interest, first (1 days)$108.14
Prepaid interest, second (1 days)$24.55
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 closing29 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$19,799Through Nov 2026
Assumption only · ends May 2056$825,055
Assumption + second · ends May 2056, second Dec 2056$1,008,909
New conventional · ends Dec 2056$1,090,780