Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,884/mo
Lowest payment- Down payment
- $243,299
- Funds due
- $262,512
- Interest + MI left
- $914,554
- First ends
- Mar 2055
Assumption
Assumption + second
$6,970/mo
+$1,086/mo- Down payment
- $95,299
- Funds due
- $115,794
- Interest + MI left
- $1,157,504
- First ends
- Mar 2055
New loan
New conventional
$7,089/mo
+$1,205/mo- Down payment
- $95,299
- Funds due
- $111,807
- Interest + MI left
- $1,294,695
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $705,701 | $705,701 | $853,701 |
| Second mortgage | — | $148,000 | — |
| First P&I | $4,547.10 | $4,547.10 | $5,910.85 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $329.72 | $329.72 | $170.74 |
| Taxes, insurance & HOA | $1,007.50 | $1,007.50 | $1,007.50 |
| Total housing payment | $5,884.32 | $6,970.29 | $7,089.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,299
Closing costs & prepaids$20,496
Usable credit−$0
Total buyer cash needed$115,794
Earnest money paid−$0
Remaining funds due$115,794
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,490.00
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)$2,372.50
Prepaid interest, first (1 days)$125.67
Prepaid interest, second (1 days)$32.44
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 4 moOf the original 30-year loan at 6.500%
Interest already paid$77,243Through Nov 2026
Assumption only · ends Mar 2055$914,554
Assumption + second · ends Mar 2055, second Dec 2056$1,157,504
New conventional · ends Dec 2056$1,294,695