Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,597/mo
Lowest payment- Down payment
- $240,167
- Funds due
- $258,806
- Interest + MI left
- $855,939
- First ends
- Sep 2053
Assumption
Assumption + second
$6,661/mo
+$1,064/mo- Down payment
- $95,167
- Funds due
- $115,247
- Interest + MI left
- $1,093,964
- First ends
- Sep 2053
New loan
New conventional
$6,565/mo
+$967/mo- Down payment
- $95,167
- Funds due
- $111,308
- Interest + MI left
- $1,249,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $709,833 | $709,833 | $854,833 |
| Second mortgage | — | $145,000 | — |
| First P&I | $4,655.83 | $4,655.83 | $5,790.94 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $338.67 | $338.67 | $170.97 |
| Taxes, insurance & HOA | $602.92 | $602.92 | $602.92 |
| Total housing payment | $5,597.42 | $6,661.37 | $6,564.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,167
Closing costs & prepaids$20,079
Usable credit−$0
Total buyer cash needed$115,247
Earnest money paid−$0
Remaining funds due$115,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,500.00
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)$1,140.00
Initial HOA (3 months)$18.75
Prepaid interest, first (6 days)$754.95
Prepaid interest, second (6 days)$190.68
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 closing26 yr 9 moOf the original 30-year loan at 6.47%
Interest already paid$152,502Through Dec 2026
Assumption only · ends Sep 2053$855,939
Assumption + second · ends Sep 2053, second Jan 2057$1,093,964
New conventional · ends Jan 2057$1,249,907