Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,995/mo
Lowest payment- Down payment
- $208,082
- Funds due
- $227,821
- Interest + MI left
- $988,520
- First ends
- Dec 2055
Assumption
Assumption + second
$6,809/mo
+$814/mo- Down payment
- $97,082
- Funds due
- $118,241
- Interest + MI left
- $1,170,732
- First ends
- Dec 2055
New loan
New conventional
$6,933/mo
+$939/mo- Down payment
- $97,082
- Funds due
- $114,324
- Interest + MI left
- $1,276,350
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $761,918 | $761,918 | $872,918 |
| Second mortgage | — | $111,000 | — |
| First P&I | $4,796.07 | $4,796.07 | $5,913.45 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $353.27 | $353.27 | $174.58 |
| Taxes, insurance & HOA | $845.34 | $845.34 | $845.34 |
| Total housing payment | $5,994.69 | $6,809.16 | $6,933.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,082
Closing costs & prepaids$21,159
Usable credit−$0
Total buyer cash needed$118,241
Earnest money paid−$0
Remaining funds due$118,241
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,700.00
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)$1,164.00
Initial HOA (3 months)$722.01
Prepaid interest, first (7 days)$927.87
Prepaid interest, second (7 days)$170.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing29 yrOf the original 30-year loan at 6.35%
Interest already paid$48,690Through Dec 2026
Assumption only · ends Dec 2055$988,520
Assumption + second · ends Dec 2055, second Jan 2057$1,170,732
New conventional · ends Jan 2057$1,276,350