Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,461/mo
Lowest payment- Down payment
- $556,444
- Funds due
- $570,936
- Interest + MI left
- $178,624
- First ends
- Mar 2055
Assumption
Assumption + second
$4,950/mo
+$3,489/mo- Down payment
- $69,444
- Funds due
- $85,392
- Interest + MI left
- $947,638
- First ends
- Mar 2055
New loan
New conventional
$4,943/mo
+$3,481/mo- Down payment
- $69,444
- Funds due
- $81,643
- Interest + MI left
- $940,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,456 | $133,456 | $620,456 |
| Second mortgage | — | $487,000 | — |
| First P&I | $876.38 | $876.38 | $4,295.91 |
| Second P&I | — | $3,488.93 | — |
| Mortgage insurance | $62.31 | $62.31 | $124.09 |
| Taxes, insurance & HOA | $522.75 | $522.75 | $522.75 |
| Total housing payment | $1,461.44 | $4,950.37 | $4,942.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,444
Closing costs & prepaids$15,948
Usable credit−$0
Total buyer cash needed$85,392
Earnest money paid−$0
Remaining funds due$85,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,899.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$918.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$48.92
Prepaid interest, second (2 days)$206.81
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 closing28 yr 4 moOf the original 30-year loan at 6.690%
Interest already paid$15,029Through Nov 2026
Assumption only · ends Mar 2055$178,624
Assumption + second · ends Mar 2055, second Dec 2056$947,638
New conventional · ends Dec 2056$940,963