Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,633/mo
Lowest payment- Down payment
- $465,047
- Funds due
- $490,759
- Interest + MI left
- $1,301,135
- First ends
- Nov 2053
Assumption
Assumption + second
$10,925/mo
+$2,293/mo- Down payment
- $145,047
- Funds due
- $172,145
- Interest + MI left
- $1,806,442
- First ends
- Nov 2053
New loan
New conventional
$10,713/mo
+$2,081/mo- Down payment
- $145,047
- Funds due
- $167,663
- Interest + MI left
- $1,977,532
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $983,953 | $983,953 | $1,303,953 |
| Second mortgage | — | $320,000 | — |
| First P&I | $6,742.14 | $6,742.14 | $9,028.31 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | $466.35 | $466.35 | $260.79 |
| Taxes, insurance & HOA | $1,424.17 | $1,424.17 | $1,424.17 |
| Total housing payment | $8,632.66 | $10,925.18 | $10,713.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$145,047
Closing costs & prepaids$27,099
Usable credit−$0
Total buyer cash needed$172,145
Earnest money paid−$0
Remaining funds due$172,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$14,490.00
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)$3,622.50
Prepaid interest, first (2 days)$375.25
Prepaid interest, second (2 days)$135.89
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 yrOf the original 30-year loan at 6.960%
Interest already paid$209,170Through Nov 2026
Assumption only · ends Nov 2053$1,301,135
Assumption + second · ends Nov 2053, second Dec 2056$1,806,442
New conventional · ends Dec 2056$1,977,532