Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,386/mo
Lowest payment- Down payment
- $143,077
- Funds due
- $157,950
- Interest + MI left
- $735,512
- First ends
- Oct 2054
Assumption
Assumption + second
$4,981/mo
+$595/mo- Down payment
- $69,077
- Funds due
- $85,309
- Interest + MI left
- $875,864
- First ends
- Oct 2054
New loan
New conventional
$4,790/mo
+$404/mo- Down payment
- $69,077
- Funds due
- $81,576
- Interest + MI left
- $907,161
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $546,423 | $546,423 | $620,423 |
| Second mortgage | — | $74,000 | — |
| First P&I | $3,666.99 | $3,666.99 | $4,202.96 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $256.49 | $256.49 | $124.08 |
| Taxes, insurance & HOA | $462.50 | $462.50 | $462.50 |
| Total housing payment | $4,385.99 | $4,981.41 | $4,789.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,077
Closing costs & prepaids$16,232
Usable credit−$0
Total buyer cash needed$85,309
Earnest money paid−$0
Remaining funds due$85,309
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,895.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$827.50
Initial HOA (3 months)$60.00
Prepaid interest, first (6 days)$615.29
Prepaid interest, second (6 days)$109.48
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 10 moOf the original 30-year loan at 6.85%
Interest already paid$82,140Through Dec 2026
Assumption only · ends Oct 2054$735,512
Assumption + second · ends Oct 2054, second Jan 2057$875,864
New conventional · ends Jan 2057$907,161