Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,373/mo
Lowest payment- Down payment
- $222,882
- Funds due
- $240,959
- Interest + MI left
- $803,484
- First ends
- Apr 2054
Assumption
Assumption + second
$6,378/mo
+$1,005/mo- Down payment
- $85,882
- Funds due
- $105,270
- Interest + MI left
- $1,028,377
- First ends
- Apr 2054
New loan
New conventional
$6,368/mo
+$994/mo- Down payment
- $85,882
- Funds due
- $101,382
- Interest + MI left
- $1,158,532
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $627,018 | $627,018 | $764,018 |
| Second mortgage | — | $137,000 | — |
| First P&I | $4,152.09 | $4,152.09 | $5,289.91 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $296.13 | $296.13 | $152.80 |
| Taxes, insurance & HOA | $924.92 | $924.92 | $924.92 |
| Total housing payment | $5,373.14 | $6,378.40 | $6,367.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,882
Closing costs & prepaids$19,388
Usable credit−$0
Total buyer cash needed$105,270
Earnest money paid−$0
Remaining funds due$105,270
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,499.00
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)$2,124.75
Prepaid interest, first (2 days)$228.82
Prepaid interest, second (2 days)$60.05
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 5 moOf the original 30-year loan at 6.660%
Interest already paid$109,621Through Nov 2026
Assumption only · ends Apr 2054$803,484
Assumption + second · ends Apr 2054, second Dec 2056$1,028,377
New conventional · ends Dec 2056$1,158,532