Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,439/mo
Lowest payment- Down payment
- $342,951
- Funds due
- $360,838
- Interest + MI left
- $708,272
- First ends
- Nov 2054
Assumption
Assumption + second
$6,251/mo
+$1,813/mo- Down payment
- $89,951
- Funds due
- $109,411
- Interest + MI left
- $1,107,780
- First ends
- Nov 2054
New loan
New conventional
$6,219/mo
+$1,780/mo- Down payment
- $89,951
- Funds due
- $105,500
- Interest + MI left
- $1,182,963
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $556,049 | $556,049 | $809,049 |
| Second mortgage | — | $253,000 | — |
| First P&I | $3,601.52 | $3,601.52 | $5,480.78 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | $261.16 | $261.16 | $161.81 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $4,438.93 | $6,251.45 | $6,218.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,951
Closing costs & prepaids$19,460
Usable credit−$0
Total buyer cash needed$109,411
Earnest money paid−$0
Remaining funds due$109,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,990.00
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)$1,078.75
Prepaid interest, first (6 days)$594.14
Prepaid interest, second (6 days)$322.32
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 6.5%
Interest already paid$76,288Through Dec 2026
Assumption only · ends Nov 2054$708,272
Assumption + second · ends Nov 2054, second Jan 2057$1,107,780
New conventional · ends Jan 2057$1,182,963