Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,423/mo
Lowest payment- Down payment
- $173,267
- Funds due
- $192,636
- Interest + MI left
- $1,034,930
- First ends
- May 2055
Assumption
Assumption + second
$7,050/mo
+$628/mo- Down payment
- $95,267
- Funds due
- $115,925
- Interest + MI left
- $1,182,868
- First ends
- May 2055
New loan
New conventional
$7,089/mo
+$667/mo- Down payment
- $95,267
- Funds due
- $111,948
- Interest + MI left
- $1,294,744
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $775,733 | $775,733 | $853,733 |
| Second mortgage | — | $78,000 | — |
| First P&I | $5,053.73 | $5,053.73 | $5,911.07 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $361.56 | $361.56 | $170.75 |
| Taxes, insurance & HOA | $1,007.50 | $1,007.50 | $1,007.50 |
| Total housing payment | $6,422.78 | $7,050.39 | $7,089.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,267
Closing costs & prepaids$20,658
Usable credit−$0
Total buyer cash needed$115,925
Earnest money paid−$0
Remaining funds due$115,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,490.00
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)$2,372.50
Prepaid interest, first (2 days)$281.81
Prepaid interest, second (2 days)$38.47
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 6 moOf the original 30-year loan at 6.630%
Interest already paid$77,846Through Nov 2026
Assumption only · ends May 2055$1,034,930
Assumption + second · ends May 2055, second Dec 2056$1,182,868
New conventional · ends Dec 2056$1,294,744