Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,356/mo
Lowest payment- Down payment
- $119,371
- Funds due
- $136,283
- Interest + MI left
- $889,510
- First ends
- Sep 2054
Assumption
Assumption + second
$5,686/mo
+$330/mo- Down payment
- $78,371
- Funds due
- $96,593
- Interest + MI left
- $967,272
- First ends
- Sep 2054
New loan
New conventional
$5,472/mo
+$116/mo- Down payment
- $78,371
- Funds due
- $92,776
- Interest + MI left
- $1,018,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $655,629 | $655,629 | $696,629 |
| Second mortgage | — | $41,000 | — |
| First P&I | $4,434.29 | $4,434.29 | $4,719.21 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $307.97 | $307.97 | $139.33 |
| Taxes, insurance & HOA | $613.67 | $613.67 | $613.67 |
| Total housing payment | $5,355.92 | $5,685.82 | $5,472.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,371
Closing costs & prepaids$18,222
Usable credit−$0
Total buyer cash needed$96,593
Earnest money paid−$0
Remaining funds due$96,593
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
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)$930.00
Initial HOA (3 months)$261.00
Prepaid interest, first (6 days)$745.80
Prepaid interest, second (6 days)$60.66
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$103,430Through Dec 2026
Assumption only · ends Sep 2054$889,510
Assumption + second · ends Sep 2054, second Jan 2057$967,272
New conventional · ends Jan 2057$1,018,587