Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,460/mo
Lowest payment- Down payment
- $300,187
- Funds due
- $315,436
- Interest + MI left
- $501,557
- First ends
- Nov 2054
Assumption
Assumption + second
$5,115/mo
+$1,655/mo- Down payment
- $69,187
- Funds due
- $85,785
- Interest + MI left
- $866,326
- First ends
- Nov 2054
New loan
New conventional
$5,167/mo
+$1,707/mo- Down payment
- $69,187
- Funds due
- $82,057
- Interest + MI left
- $941,353
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,713 | $389,713 | $620,713 |
| Second mortgage | — | $231,000 | — |
| First P&I | $2,531.57 | $2,531.57 | $4,297.69 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $182.81 | $182.81 | $124.14 |
| Taxes, insurance & HOA | $745.25 | $745.25 | $745.25 |
| Total housing payment | $3,459.63 | $5,114.54 | $5,167.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,187
Closing costs & prepaids$16,598
Usable credit−$0
Total buyer cash needed$85,785
Earnest money paid−$0
Remaining funds due$85,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,899.00
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)$1,685.75
Initial HOA (3 months)$50.01
Prepaid interest, first (2 days)$139.66
Prepaid interest, second (2 days)$98.10
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 closing28 yrOf the original 30-year loan at 6.540%
Interest already paid$51,611Through Nov 2026
Assumption only · ends Nov 2054$501,557
Assumption + second · ends Nov 2054, second Dec 2056$866,326
New conventional · ends Dec 2056$941,353