Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,324/mo
Lowest payment- Down payment
- $140,685
- Funds due
- $155,979
- Interest + MI left
- $596,560
- First ends
- May 2054
Assumption
Assumption + second
$4,975/mo
+$652/mo- Down payment
- $59,685
- Funds due
- $76,269
- Interest + MI left
- $750,188
- First ends
- May 2054
New loan
New conventional
$4,854/mo
+$530/mo- Down payment
- $59,685
- Funds due
- $72,627
- Interest + MI left
- $801,118
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,314 | $447,314 | $528,314 |
| Second mortgage | — | $81,000 | — |
| First P&I | $3,022.82 | $3,022.82 | $3,657.94 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $210.79 | $210.79 | $105.66 |
| Taxes, insurance & HOA | $1,090.00 | $1,090.00 | $1,090.00 |
| Total housing payment | $4,323.61 | $4,975.35 | $4,853.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,685
Closing costs & prepaids$16,584
Usable credit−$0
Total buyer cash needed$76,269
Earnest money paid−$0
Remaining funds due$76,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,879.99
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)$2,404.00
Initial HOA (3 months)$366.00
Prepaid interest, first (2 days)$168.63
Prepaid interest, second (2 days)$39.95
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 6 moOf the original 30-year loan at 6.880%
Interest already paid$78,088Through Nov 2026
Assumption only · ends May 2054$596,560
Assumption + second · ends May 2054, second Dec 2056$750,188
New conventional · ends Dec 2056$801,118