Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,164/mo
Lowest payment- Down payment
- $157,744
- Funds due
- $174,875
- Interest + MI left
- $789,878
- First ends
- Jan 2055
Assumption
Assumption + second
$5,824/mo
+$660/mo- Down payment
- $75,744
- Funds due
- $94,145
- Interest + MI left
- $945,402
- First ends
- Jan 2055
New loan
New conventional
$5,782/mo
+$618/mo- Down payment
- $75,744
- Funds due
- $90,346
- Interest + MI left
- $1,020,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $591,256 | $591,256 | $673,256 |
| Second mortgage | — | $82,000 | — |
| First P&I | $3,901.98 | $3,901.98 | $4,661.49 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $276.58 | $276.58 | $134.65 |
| Taxes, insurance & HOA | $985.83 | $985.83 | $985.83 |
| Total housing payment | $5,164.40 | $5,824.19 | $5,781.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,744
Closing costs & prepaids$18,402
Usable credit−$0
Total buyer cash needed$94,145
Earnest money paid−$0
Remaining funds due$94,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
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)$1,872.50
Initial HOA (3 months)$435.00
Prepaid interest, first (1 days)$108.86
Prepaid interest, second (1 days)$20.22
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 closing28 yr 2 moOf the original 30-year loan at 6.720%
Interest already paid$73,644Through Nov 2026
Assumption only · ends Jan 2055$789,878
Assumption + second · ends Jan 2055, second Dec 2056$945,402
New conventional · ends Dec 2056$1,020,903