Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,154/mo
Lowest payment- Down payment
- $90,203
- Funds due
- $108,440
- Interest + MI left
- $1,004,790
- First ends
- Nov 2054
Assumption
Assumption + second
$6,613/mo
+$459/mo- Down payment
- $45,203
- Funds due
- $64,778
- Interest + MI left
- $1,124,868
- First ends
- Nov 2054
New loan
New conventional
$6,531/mo
+$377/mo- Down payment
- $45,203
- Funds due
- $61,341
- Interest + MI left
- $1,239,795
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $799,797 | $799,797 | $844,797 |
| Second mortgage | — | $45,000 | — |
| First P&I | $5,139.11 | $5,139.11 | $5,722.95 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $375.78 | $375.78 | $168.96 |
| Taxes, insurance & HOA | $639.34 | $639.34 | $639.34 |
| Total housing payment | $6,154.23 | $6,612.78 | $6,531.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,203
Closing costs & prepaids$19,575
Usable credit−$0
Total buyer cash needed$64,778
Earnest money paid−$0
Remaining funds due$64,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,900.00
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)$1,068.00
Initial HOA (3 months)$200.01
Prepaid interest, first (6 days)$844.06
Prepaid interest, second (6 days)$87.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 6.42%
Interest already paid$108,399Through Dec 2026
Assumption only · ends Nov 2054$1,004,790
Assumption + second · ends Nov 2054, second Jan 2057$1,124,868
New conventional · ends Jan 2057$1,239,795