Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,743/mo
Lowest payment- Down payment
- $214,019
- Funds due
- $234,039
- Interest + MI left
- $1,069,438
- First ends
- Aug 2054
Assumption
Assumption + second
$7,580/mo
+$836/mo- Down payment
- $100,019
- Funds due
- $121,339
- Interest + MI left
- $1,256,575
- First ends
- Aug 2054
New loan
New conventional
$7,459/mo
+$716/mo- Down payment
- $100,019
- Funds due
- $117,305
- Interest + MI left
- $1,364,443
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $785,692 | $785,692 | $899,692 |
| Second mortgage | — | $114,000 | — |
| First P&I | $5,324.26 | $5,324.26 | $6,229.29 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $369.03 | $369.03 | $179.94 |
| Taxes, insurance & HOA | $1,049.75 | $1,049.75 | $1,049.75 |
| Total housing payment | $6,743.03 | $7,579.53 | $7,458.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,019
Closing costs & prepaids$21,320
Usable credit−$0
Total buyer cash needed$121,339
Earnest money paid−$0
Remaining funds due$121,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,997.11
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)$2,499.25
Prepaid interest, first (2 days)$298.78
Prepaid interest, second (2 days)$49.97
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 9 moOf the original 30-year loan at 6.940%
Interest already paid$124,300Through Nov 2026
Assumption only · ends Aug 2054$1,069,438
Assumption + second · ends Aug 2054, second Dec 2056$1,256,575
New conventional · ends Dec 2056$1,364,443