Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,584/mo
Lowest payment- Down payment
- $121,644
- Funds due
- $136,645
- Interest + MI left
- $764,268
- First ends
- Sep 2054
Assumption
Assumption + second
$4,994/mo
+$410/mo- Down payment
- $70,644
- Funds due
- $86,970
- Interest + MI left
- $860,997
- First ends
- Sep 2054
New loan
New conventional
$4,847/mo
+$263/mo- Down payment
- $70,644
- Funds due
- $83,237
- Interest + MI left
- $918,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $577,356 | $577,356 | $628,356 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,848.36 | $3,848.36 | $4,256.70 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $271.39 | $271.39 | $125.67 |
| Taxes, insurance & HOA | $464.25 | $464.25 | $464.25 |
| Total housing payment | $4,584.00 | $4,994.36 | $4,846.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,644
Closing costs & prepaids$16,326
Usable credit−$0
Total buyer cash needed$86,970
Earnest money paid−$0
Remaining funds due$86,970
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Initial HOA (3 months)$54.00
Prepaid interest, first (6 days)$642.53
Prepaid interest, second (6 days)$75.45
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 9 moOf the original 30-year loan at 6.77%
Interest already paid$89,140Through Dec 2026
Assumption only · ends Sep 2054$764,268
Assumption + second · ends Sep 2054, second Jan 2057$860,997
New conventional · ends Jan 2057$918,760