Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,499/mo
Lowest payment- Down payment
- $239,442
- Funds due
- $259,903
- Interest + MI left
- $1,097,758
- First ends
- Aug 2055
Assumption
Assumption + second
$7,460/mo
+$961/mo- Down payment
- $108,442
- Funds due
- $130,325
- Interest + MI left
- $1,312,801
- First ends
- Aug 2055
New loan
New conventional
$7,489/mo
+$990/mo- Down payment
- $108,442
- Funds due
- $126,266
- Interest + MI left
- $1,413,268
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $835,558 | $835,558 | $966,558 |
| Second mortgage | — | $131,000 | — |
| First P&I | $5,362.09 | $5,362.09 | $6,547.80 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $388.82 | $388.82 | $193.31 |
| Taxes, insurance & HOA | $747.67 | $747.67 | $747.67 |
| Total housing payment | $6,498.58 | $7,459.81 | $7,488.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,442
Closing costs & prepaids$21,883
Usable credit−$0
Total buyer cash needed$130,325
Earnest money paid−$0
Remaining funds due$130,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,750.00
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)$1,290.00
Initial HOA (3 months)$303.00
Prepaid interest, first (6 days)$892.79
Prepaid interest, second (6 days)$172.27
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 8 moOf the original 30-year loan at 6.5%
Interest already paid$73,011Through Dec 2026
Assumption only · ends Aug 2055$1,097,758
Assumption + second · ends Aug 2055, second Jan 2057$1,312,801
New conventional · ends Jan 2057$1,413,268