Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,171/mo
Lowest payment- Down payment
- $184,973
- Funds due
- $202,339
- Interest + MI left
- $887,272
- First ends
- Jun 2055
Assumption
Assumption + second
$5,919/mo
+$748/mo- Down payment
- $82,973
- Funds due
- $101,723
- Interest + MI left
- $1,054,710
- First ends
- Jun 2055
New loan
New conventional
$5,782/mo
+$611/mo- Down payment
- $82,973
- Funds due
- $97,864
- Interest + MI left
- $1,084,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $640,027 | $640,027 | $742,027 |
| Second mortgage | — | $102,000 | — |
| First P&I | $4,266.06 | $4,266.06 | $5,026.75 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $298.09 | $298.09 | $148.41 |
| Taxes, insurance & HOA | $606.67 | $606.67 | $606.67 |
| Total housing payment | $5,170.82 | $5,919.26 | $5,781.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,973
Closing costs & prepaids$18,751
Usable credit−$0
Total buyer cash needed$101,723
Earnest money paid−$0
Remaining funds due$101,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
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)$990.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$721.74
Prepaid interest, second (6 days)$134.14
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 closing28 yr 6 moOf the original 30-year loan at 6.86%
Interest already paid$66,430Through Dec 2026
Assumption only · ends Jun 2055$887,272
Assumption + second · ends Jun 2055, second Jan 2057$1,054,710
New conventional · ends Jan 2057$1,084,966