Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,158/mo
Lowest payment- Down payment
- $234,131
- Funds due
- $254,645
- Interest + MI left
- $744,883
- First ends
- May 2053
Assumption
Assumption + second
$7,229/mo
+$1,071/mo- Down payment
- $88,131
- Funds due
- $109,927
- Interest + MI left
- $984,549
- First ends
- May 2053
New loan
New conventional
$7,298/mo
+$1,141/mo- Down payment
- $88,131
- Funds due
- $106,013
- Interest + MI left
- $1,193,340
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $640,869 | $640,869 | $786,869 |
| Second mortgage | — | $146,000 | — |
| First P&I | $4,157.58 | $4,157.58 | $5,448.12 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $307.21 | $307.21 | $157.37 |
| Taxes, insurance & HOA | $1,692.83 | $1,692.83 | $1,692.83 |
| Total housing payment | $6,157.62 | $7,228.92 | $7,298.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,131
Closing costs & prepaids$21,796
Usable credit−$0
Total buyer cash needed$109,927
Earnest money paid−$0
Remaining funds due$109,927
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,750.00
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)$2,187.50
Initial HOA (3 months)$2,241.00
Prepaid interest, first (1 days)$110.97
Prepaid interest, second (1 days)$32.00
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 closing26 yr 6 moOf the original 30-year loan at 6.320%
Interest already paid$145,210Through Nov 2026
Assumption only · ends May 2053$744,883
Assumption + second · ends May 2053, second Dec 2056$984,549
New conventional · ends Dec 2056$1,193,340