Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,779/mo
Lowest payment- Down payment
- $171,960
- Funds due
- $189,814
- Interest + MI left
- $895,492
- First ends
- Jan 2054
Assumption
Assumption + second
$6,519/mo
+$740/mo- Down payment
- $79,960
- Funds due
- $99,109
- Interest + MI left
- $1,069,983
- First ends
- Jan 2054
New loan
New conventional
$6,099/mo
+$321/mo- Down payment
- $79,960
- Funds due
- $95,248
- Interest + MI left
- $1,076,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $617,940 | $617,940 | $709,940 |
| Second mortgage | — | $92,000 | — |
| First P&I | $4,445.27 | $4,445.27 | $4,915.48 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $291.39 | $291.39 | $141.99 |
| Taxes, insurance & HOA | $1,041.92 | $1,041.92 | $1,041.92 |
| Total housing payment | $5,778.57 | $6,518.83 | $6,099.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,960
Closing costs & prepaids$19,149
Usable credit−$0
Total buyer cash needed$99,109
Earnest money paid−$0
Remaining funds due$99,109
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,899.00
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)$2,295.75
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$253.95
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 2 moOf the original 30-year loan at 7.500%
Interest already paid$133,327Through Nov 2026
Assumption only · ends Jan 2054$895,492
Assumption + second · ends Jan 2054, second Dec 2056$1,069,983
New conventional · ends Dec 2056$1,076,530