Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,665/mo
Lowest payment- Down payment
- $140,241
- Funds due
- $158,051
- Interest + MI left
- $939,177
- First ends
- Dec 2054
Assumption
Assumption + second
$6,084/mo
+$418/mo- Down payment
- $88,241
- Funds due
- $107,378
- Interest + MI left
- $1,037,802
- First ends
- Dec 2054
New loan
New conventional
$6,054/mo
+$388/mo- Down payment
- $88,241
- Funds due
- $103,512
- Interest + MI left
- $1,150,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $734,759 | $734,759 | $786,759 |
| Second mortgage | — | $52,000 | — |
| First P&I | $4,754.01 | $4,754.01 | $5,329.78 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $344.73 | $344.73 | $157.35 |
| Taxes, insurance & HOA | $566.67 | $566.67 | $566.67 |
| Total housing payment | $5,665.41 | $6,083.81 | $6,053.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,241
Closing costs & prepaids$19,137
Usable credit−$0
Total buyer cash needed$107,378
Earnest money paid−$0
Remaining funds due$107,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,750.00
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)$1,050.00
Prepaid interest, first (6 days)$785.09
Prepaid interest, second (6 days)$76.93
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 yrOf the original 30-year loan at 6.5%
Interest already paid$96,720Through Dec 2026
Assumption only · ends Dec 2054$939,177
Assumption + second · ends Dec 2054, second Jan 2057$1,037,802
New conventional · ends Jan 2057$1,150,372