Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,994/mo
Lowest payment- Down payment
- $204,576
- Funds due
- $219,049
- Interest + MI left
- $684,294
- First ends
- May 2055
Assumption
Assumption + second
$4,977/mo
+$983/mo- Down payment
- $70,576
- Funds due
- $86,328
- Interest + MI left
- $904,262
- First ends
- May 2055
New loan
New conventional
$4,948/mo
+$954/mo- Down payment
- $70,576
- Funds due
- $82,577
- Interest + MI left
- $953,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,424 | $494,424 | $628,424 |
| Second mortgage | — | $134,000 | — |
| First P&I | $3,292.29 | $3,292.29 | $4,351.08 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $230.29 | $230.29 | $125.68 |
| Taxes, insurance & HOA | $471.58 | $471.58 | $471.58 |
| Total housing payment | $3,994.16 | $4,977.40 | $4,948.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,576
Closing costs & prepaids$15,752
Usable credit−$0
Total buyer cash needed$86,328
Earnest money paid−$0
Remaining funds due$86,328
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$764.75
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$92.79
Prepaid interest, second (1 days)$29.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.850%
Interest already paid$51,244Through Nov 2026
Assumption only · ends May 2055$684,294
Assumption + second · ends May 2055, second Dec 2056$904,262
New conventional · ends Dec 2056$953,047