Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,331/mo
Lowest payment- Down payment
- $136,417
- Funds due
- $156,581
- Interest + MI left
- $1,152,340
- First ends
- May 2054
Assumption
Assumption + second
$7,613/mo
+$282/mo- Down payment
- $101,417
- Funds due
- $122,848
- Interest + MI left
- $1,218,723
- First ends
- May 2054
New loan
New conventional
$7,523/mo
+$192/mo- Down payment
- $101,417
- Funds due
- $118,808
- Interest + MI left
- $1,376,411
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $872,583 | $872,583 | $907,583 |
| Second mortgage | — | $35,000 | — |
| First P&I | $5,862.57 | $5,862.57 | $6,283.92 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $411.32 | $411.32 | $181.52 |
| Taxes, insurance & HOA | $1,057.50 | $1,057.50 | $1,057.50 |
| Total housing payment | $7,331.39 | $7,613.01 | $7,522.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$101,417
Closing costs & prepaids$21,431
Usable credit−$0
Total buyer cash needed$122,848
Earnest money paid−$0
Remaining funds due$122,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,090.00
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)$2,522.50
Prepaid interest, first (2 days)$326.08
Prepaid interest, second (2 days)$17.26
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 closing27 yr 6 moOf the original 30-year loan at 6.820%
Interest already paid$151,025Through Nov 2026
Assumption only · ends May 2054$1,152,340
Assumption + second · ends May 2054, second Dec 2056$1,218,723
New conventional · ends Dec 2056$1,376,411