Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,840/mo
Lowest payment- Down payment
- $239,517
- Funds due
- $257,152
- Interest + MI left
- $685,434
- First ends
- Jun 2054
Assumption
Assumption + second
$5,992/mo
+$1,152/mo- Down payment
- $82,517
- Funds due
- $101,437
- Interest + MI left
- $943,158
- First ends
- Jun 2054
New loan
New conventional
$6,193/mo
+$1,353/mo- Down payment
- $82,517
- Funds due
- $97,580
- Interest + MI left
- $1,126,025
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $585,483 | $585,483 | $742,483 |
| Second mortgage | — | $157,000 | — |
| First P&I | $3,659.36 | $3,659.36 | $5,140.80 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $276.77 | $276.77 | $148.50 |
| Taxes, insurance & HOA | $904.17 | $904.17 | $904.17 |
| Total housing payment | $4,840.30 | $5,992.31 | $6,193.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,517
Closing costs & prepaids$18,920
Usable credit−$0
Total buyer cash needed$101,437
Earnest money paid−$0
Remaining funds due$101,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
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)$2,062.50
Prepaid interest, first (1 days)$97.85
Prepaid interest, second (1 days)$34.41
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 closing27 yr 7 moOf the original 30-year loan at 6.100%
Interest already paid$87,744Through Nov 2026
Assumption only · ends Jun 2054$685,434
Assumption + second · ends Jun 2054, second Dec 2056$943,158
New conventional · ends Dec 2056$1,126,025