Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,222/mo
Lowest payment- Down payment
- $357,895
- Funds due
- $380,279
- Interest + MI left
- $1,161,480
- First ends
- Apr 2055
Assumption
Assumption + second
$8,920/mo
+$1,698/mo- Down payment
- $120,895
- Funds due
- $144,579
- Interest + MI left
- $1,535,723
- First ends
- Apr 2055
New loan
New conventional
$8,904/mo
+$1,682/mo- Down payment
- $120,895
- Funds due
- $140,330
- Interest + MI left
- $1,636,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $842,104 | $842,104 | $1,079,104 |
| Second mortgage | — | $237,000 | — |
| First P&I | $5,612.77 | $5,612.77 | $7,471.50 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $392.60 | $392.60 | $215.82 |
| Taxes, insurance & HOA | $1,216.67 | $1,216.67 | $1,216.67 |
| Total housing payment | $7,222.04 | $8,919.93 | $8,903.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,895
Closing costs & prepaids$23,683
Usable credit−$0
Total buyer cash needed$144,579
Earnest money paid−$0
Remaining funds due$144,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,999.99
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)$3,000.00
Prepaid interest, first (1 days)$158.04
Prepaid interest, second (1 days)$50.32
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 5 moOf the original 30-year loan at 6.850%
Interest already paid$92,173Through Nov 2026
Assumption only · ends Apr 2055$1,161,480
Assumption + second · ends Apr 2055, second Dec 2056$1,535,723
New conventional · ends Dec 2056$1,636,534