Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $783,722
- Funds due
- $802,682
- Interest + MI left
- $234,176
- First ends
- Feb 2054
Assumption
Assumption + second
$7,119/mo
+$4,929/mo- Down payment
- $95,722
- Funds due
- $116,225
- Interest + MI left
- $1,320,586
- First ends
- Feb 2054
New loan
New conventional
$7,025/mo
+$4,835/mo- Down payment
- $95,722
- Funds due
- $112,205
- Interest + MI left
- $1,295,570
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,278 | $166,278 | $854,278 |
| Second mortgage | — | $688,000 | — |
| First P&I | $1,171.85 | $1,171.85 | $5,914.85 |
| Second P&I | — | $4,928.92 | — |
| Mortgage insurance | $78.42 | $78.42 | $170.86 |
| Taxes, insurance & HOA | $939.50 | $939.50 | $939.50 |
| Total housing payment | $2,189.77 | $7,118.69 | $7,025.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,722
Closing costs & prepaids$20,502
Usable credit−$0
Total buyer cash needed$116,225
Earnest money paid−$0
Remaining funds due$116,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,500.00
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)$1,658.50
Initial HOA (3 months)$510.00
Prepaid interest, first (2 days)$66.42
Prepaid interest, second (2 days)$292.16
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 yr 3 moOf the original 30-year loan at 7.290%
Interest already paid$33,849Through Nov 2026
Assumption only · ends Feb 2054$234,176
Assumption + second · ends Feb 2054, second Dec 2056$1,320,586
New conventional · ends Dec 2056$1,295,570