Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,243/mo
Lowest payment- Down payment
- $167,911
- Funds due
- $184,804
- Interest + MI left
- $821,189
- First ends
- Feb 2054
Assumption
Assumption + second
$5,983/mo
+$740/mo- Down payment
- $75,911
- Funds due
- $94,099
- Interest + MI left
- $995,680
- First ends
- Feb 2054
New loan
New conventional
$5,667/mo
+$425/mo- Down payment
- $75,911
- Funds due
- $90,285
- Interest + MI left
- $1,023,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $583,089 | $583,089 | $675,089 |
| Second mortgage | — | $92,000 | — |
| First P&I | $4,109.35 | $4,109.35 | $4,674.18 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $275.00 | $275.00 | $135.02 |
| Taxes, insurance & HOA | $858.25 | $858.25 | $858.25 |
| Total housing payment | $5,242.60 | $5,982.85 | $5,667.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,911
Closing costs & prepaids$18,188
Usable credit−$0
Total buyer cash needed$94,099
Earnest money paid−$0
Remaining funds due$94,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,510.00
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)$1,806.00
Initial HOA (3 months)$118.74
Prepaid interest, first (2 days)$232.92
Prepaid interest, second (2 days)$45.37
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$118,698Through Nov 2026
Assumption only · ends Feb 2054$821,189
Assumption + second · ends Feb 2054, second Dec 2056$995,680
New conventional · ends Dec 2056$1,023,683