Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,351/mo
Lowest payment- Down payment
- $106,994
- Funds due
- $121,707
- Interest + MI left
- $758,987
- First ends
- Jan 2056
Assumption
Assumption + second
$4,664/mo
+$314/mo- Down payment
- $67,994
- Funds due
- $84,015
- Interest + MI left
- $832,956
- First ends
- Jan 2056
New loan
New conventional
$4,694/mo
+$343/mo- Down payment
- $67,994
- Funds due
- $80,337
- Interest + MI left
- $887,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $568,006 | $568,006 | $607,006 |
| Second mortgage | — | $39,000 | — |
| First P&I | $3,627.25 | $3,627.25 | $4,112.07 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $263.02 | $263.02 | $121.40 |
| Taxes, insurance & HOA | $460.42 | $460.42 | $460.42 |
| Total housing payment | $4,350.69 | $4,664.49 | $4,693.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,994
Closing costs & prepaids$16,021
Usable credit−$0
Total buyer cash needed$84,015
Earnest money paid−$0
Remaining funds due$84,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Initial HOA (3 months)$71.25
Prepaid interest, first (6 days)$606.91
Prepaid interest, second (6 days)$57.70
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 closing29 yr 1 moOf the original 30-year loan at 6.5%
Interest already paid$34,036Through Dec 2026
Assumption only · ends Jan 2056$758,987
Assumption + second · ends Jan 2056, second Jan 2057$832,956
New conventional · ends Jan 2057$887,543