Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,835/mo
Lowest payment- Down payment
- $125,723
- Funds due
- $144,062
- Interest + MI left
- $985,162
- First ends
- Dec 2055
Assumption
Assumption + second
$6,116/mo
+$282/mo- Down payment
- $90,723
- Funds due
- $110,364
- Interest + MI left
- $1,051,544
- First ends
- Dec 2055
New loan
New conventional
$6,301/mo
+$466/mo- Down payment
- $90,723
- Funds due
- $106,516
- Interest + MI left
- $1,183,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $774,277 | $774,277 | $809,277 |
| Second mortgage | — | $35,000 | — |
| First P&I | $4,818.90 | $4,818.90 | $5,482.32 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $359.09 | $359.09 | $161.86 |
| Taxes, insurance & HOA | $656.67 | $656.67 | $656.67 |
| Total housing payment | $5,834.66 | $6,116.27 | $6,300.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,723
Closing costs & prepaids$19,641
Usable credit−$0
Total buyer cash needed$110,364
Earnest money paid−$0
Remaining funds due$110,364
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,000.00
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)$1,080.00
Initial HOA (3 months)$240.00
Prepaid interest, first (6 days)$794.22
Prepaid interest, second (6 days)$51.78
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 closing29 yrOf the original 30-year loan at 6.24%
Interest already paid$48,629Through Dec 2026
Assumption only · ends Dec 2055$985,162
Assumption + second · ends Dec 2055, second Jan 2057$1,051,544
New conventional · ends Jan 2057$1,183,297