Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,511/mo
Lowest payment- Down payment
- $254,112
- Funds due
- $272,149
- Interest + MI left
- $964,926
- First ends
- Jun 2055
Assumption
Assumption + second
$6,655/mo
+$1,145/mo- Down payment
- $98,112
- Funds due
- $117,468
- Interest + MI left
- $1,221,009
- First ends
- Jun 2055
New loan
New conventional
$6,730/mo
+$1,219/mo- Down payment
- $98,112
- Funds due
- $113,462
- Interest + MI left
- $1,329,708
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $720,788 | $720,788 | $876,788 |
| Second mortgage | — | $156,000 | — |
| First P&I | $4,691.16 | $4,691.16 | $6,070.70 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $335.62 | $335.62 | $175.36 |
| Taxes, insurance & HOA | $483.92 | $483.92 | $483.92 |
| Total housing payment | $5,510.69 | $6,655.36 | $6,729.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,112
Closing costs & prepaids$19,356
Usable credit−$0
Total buyer cash needed$117,468
Earnest money paid−$0
Remaining funds due$117,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,749.00
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)$801.75
Prepaid interest, first (2 days)$261.85
Prepaid interest, second (2 days)$68.38
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 yr 7 moOf the original 30-year loan at 6.630%
Interest already paid$68,279Through Nov 2026
Assumption only · ends Jun 2055$964,926
Assumption + second · ends Jun 2055, second Dec 2056$1,221,009
New conventional · ends Dec 2056$1,329,708