Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,905/mo
Lowest payment- Down payment
- $228,253
- Funds due
- $246,899
- Interest + MI left
- $893,948
- First ends
- Sep 2053
Assumption
Assumption + second
$6,889/mo
+$983/mo- Down payment
- $94,253
- Funds due
- $114,208
- Interest + MI left
- $1,113,916
- First ends
- Sep 2053
New loan
New conventional
$6,828/mo
+$923/mo- Down payment
- $94,253
- Funds due
- $110,239
- Interest + MI left
- $1,282,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $711,747 | $711,747 | $845,747 |
| Second mortgage | — | $134,000 | — |
| First P&I | $4,763.11 | $4,763.11 | $5,855.78 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $338.67 | $338.67 | $169.15 |
| Taxes, insurance & HOA | $803.50 | $803.50 | $803.50 |
| Total housing payment | $5,905.28 | $6,888.52 | $6,828.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,253
Closing costs & prepaids$19,955
Usable credit−$0
Total buyer cash needed$114,208
Earnest money paid−$0
Remaining funds due$114,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,400.00
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)$1,741.75
Initial HOA (3 months)$18.75
Prepaid interest, first (2 days)$260.91
Prepaid interest, second (2 days)$58.74
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 closing26 yr 10 moOf the original 30-year loan at 6.690%
Interest already paid$153,838Through Nov 2026
Assumption only · ends Sep 2053$893,948
Assumption + second · ends Sep 2053, second Dec 2056$1,113,916
New conventional · ends Dec 2056$1,282,632