Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $780,700
- Funds due
- $799,497
- Interest + MI left
- $139,728
- First ends
- Jul 2054
Assumption
Assumption + second
$6,820/mo
+$4,958/mo- Down payment
- $88,700
- Funds due
- $109,040
- Interest + MI left
- $1,232,455
- First ends
- Jul 2054
New loan
New conventional
$6,765/mo
+$4,902/mo- Down payment
- $88,700
- Funds due
- $105,091
- Interest + MI left
- $1,200,060
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,300 | $99,300 | $791,300 |
| Second mortgage | — | $692,000 | — |
| First P&I | $688.60 | $688.60 | $5,478.80 |
| Second P&I | — | $4,957.57 | — |
| Mortgage insurance | $46.64 | $46.64 | $158.26 |
| Taxes, insurance & HOA | $1,127.50 | $1,127.50 | $1,127.50 |
| Total housing payment | $1,862.74 | $6,820.31 | $6,764.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,700
Closing costs & prepaids$20,340
Usable credit−$0
Total buyer cash needed$109,040
Earnest money paid−$0
Remaining funds due$109,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,800.00
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)$2,638.75
Initial HOA (3 months)$93.75
Prepaid interest, first (2 days)$39.01
Prepaid interest, second (2 days)$293.86
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 8 moOf the original 30-year loan at 7.170%
Interest already paid$16,831Through Nov 2026
Assumption only · ends Jul 2054$139,728
Assumption + second · ends Jul 2054, second Dec 2056$1,232,455
New conventional · ends Dec 2056$1,200,060