Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,317/mo
Lowest payment- Down payment
- $142,643
- Funds due
- $159,321
- Interest + MI left
- $891,406
- First ends
- Jan 2054
Assumption
Assumption + second
$5,848/mo
+$531/mo- Down payment
- $76,643
- Funds due
- $94,669
- Interest + MI left
- $1,016,585
- First ends
- Jan 2054
New loan
New conventional
$5,347/mo
+$29/mo- Down payment
- $76,643
- Funds due
- $90,800
- Interest + MI left
- $999,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $617,357 | $617,357 | $683,357 |
| Second mortgage | — | $66,000 | — |
| First P&I | $4,445.27 | $4,445.27 | $4,629.30 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $291.39 | $291.39 | $136.67 |
| Taxes, insurance & HOA | $580.67 | $580.67 | $580.67 |
| Total housing payment | $5,317.32 | $5,848.37 | $5,346.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,643
Closing costs & prepaids$18,026
Usable credit−$0
Total buyer cash needed$94,669
Earnest money paid−$0
Remaining funds due$94,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,600.00
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)$912.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$761.12
Prepaid interest, second (6 days)$97.64
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 1 moOf the original 30-year loan at 7.5%
Interest already paid$137,189Through Dec 2026
Assumption only · ends Jan 2054$891,406
Assumption + second · ends Jan 2054, second Jan 2057$1,016,585
New conventional · ends Jan 2057$999,181