Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,756/mo
Lowest payment- Down payment
- $70,815
- Funds due
- $87,867
- Interest + MI left
- $953,138
- First ends
- Jul 2054
Assumption
Assumption + second
$6,072/mo
+$316/mo- Down payment
- $39,815
- Funds due
- $58,178
- Interest + MI left
- $1,035,859
- First ends
- Jul 2054
New loan
New conventional
$5,822/mo
+$66/mo- Down payment
- $39,815
- Funds due
- $54,748
- Interest + MI left
- $1,100,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $719,185 | $719,185 | $750,185 |
| Second mortgage | — | $31,000 | — |
| First P&I | $4,826.98 | $4,826.98 | $5,082.01 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $338.67 | $338.67 | $150.04 |
| Taxes, insurance & HOA | $590.34 | $590.34 | $590.34 |
| Total housing payment | $5,755.98 | $6,071.87 | $5,822.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,815
Closing costs & prepaids$18,363
Usable credit−$0
Total buyer cash needed$58,178
Earnest money paid−$0
Remaining funds due$58,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,900.00
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)$948.00
Initial HOA (3 months)$173.01
Prepaid interest, first (6 days)$806.28
Prepaid interest, second (6 days)$60.51
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 7 moOf the original 30-year loan at 6.82%
Interest already paid$120,260Through Dec 2026
Assumption only · ends Jul 2054$953,138
Assumption + second · ends Jul 2054, second Jan 2057$1,035,859
New conventional · ends Jan 2057$1,100,946