Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,907/mo
+$2,353/mo- Down payment
- $170,083
- Funds due
- $184,714
- Interest + MI left
- $106,381
- First ends
- Nov 2033
Assumption
Assumption + second
$7,751/mo
+$3,196/mo- Down payment
- $55,083
- Funds due
- $70,989
- Interest + MI left
- $295,160
- First ends
- Nov 2033
New loan
New conventional
$4,555/mo
Lowest payment- Down payment
- $55,083
- Funds due
- $67,395
- Interest + MI left
- $750,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,917 | $379,917 | $494,917 |
| Second mortgage | — | $115,000 | — |
| First P&I | $5,650.75 | $5,650.75 | $3,426.71 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $227.58 | $227.58 | $98.98 |
| Taxes, insurance & HOA | $1,029.16 | $1,029.16 | $1,029.16 |
| Total housing payment | $6,907.50 | $7,751.32 | $4,554.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,083
Closing costs & prepaids$15,906
Usable credit−$0
Total buyer cash needed$70,989
Earnest money paid−$0
Remaining funds due$70,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$1,710.50
Initial HOA (3 months)$876.99
Prepaid interest, first (1 days)$68.18
Prepaid interest, second (1 days)$25.21
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 closing7 yrOf the original 10-year loan at 6.550%
Interest already paid$86,804Through Nov 2026
Assumption only · ends Nov 2033$106,381
Assumption + second · ends Nov 2033, second Dec 2056$295,160
New conventional · ends Dec 2056$750,575