Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,118/mo
Lowest payment- Down payment
- $800,078
- Funds due
- $819,056
- Interest + MI left
- $242,807
- First ends
- Mar 2055
Assumption
Assumption + second
$7,147/mo
+$5,029/mo- Down payment
- $98,078
- Funds due
- $118,604
- Interest + MI left
- $1,351,324
- First ends
- Mar 2055
New loan
New conventional
$7,110/mo
+$4,991/mo- Down payment
- $98,078
- Funds due
- $114,565
- Interest + MI left
- $1,329,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,922 | $174,922 | $876,922 |
| Second mortgage | — | $702,000 | — |
| First P&I | $1,173.91 | $1,173.91 | $6,071.63 |
| Second P&I | — | $5,029.21 | — |
| Mortgage insurance | $81.61 | $81.61 | $175.38 |
| Taxes, insurance & HOA | $862.50 | $862.50 | $862.50 |
| Total housing payment | $2,118.02 | $7,147.23 | $7,109.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,078
Closing costs & prepaids$20,527
Usable credit−$0
Total buyer cash needed$118,604
Earnest money paid−$0
Remaining funds due$118,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,750.00
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)$1,712.50
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$66.23
Prepaid interest, second (2 days)$298.11
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 6.910%
Interest already paid$20,339Through Nov 2026
Assumption only · ends Mar 2055$242,807
Assumption + second · ends Mar 2055, second Dec 2056$1,351,324
New conventional · ends Dec 2056$1,329,911