Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $475,545
- Funds due
- $490,003
- Interest + MI left
- $273,701
- First ends
- Sep 2056
Assumption
Assumption + second
$4,773/mo
+$2,923/mo- Down payment
- $67,545
- Funds due
- $83,859
- Interest + MI left
- $917,967
- First ends
- Sep 2056
New loan
New conventional
$4,731/mo
+$2,881/mo- Down payment
- $67,545
- Funds due
- $80,115
- Interest + MI left
- $888,200
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,455 | $199,455 | $607,455 |
| Second mortgage | — | $408,000 | — |
| First P&I | $1,264.14 | $1,264.14 | $4,115.11 |
| Second P&I | — | $2,922.96 | — |
| Mortgage insurance | $91.67 | $91.67 | $121.49 |
| Taxes, insurance & HOA | $494.67 | $494.67 | $494.67 |
| Total housing payment | $1,850.47 | $4,773.43 | $4,731.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,545
Closing costs & prepaids$16,314
Usable credit−$0
Total buyer cash needed$83,859
Earnest money paid−$0
Remaining funds due$83,859
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)$174.00
Prepaid interest, first (7 days)$248.64
Prepaid interest, second (7 days)$606.41
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 yr 9 moOf the original 30-year loan at 6.5%
Interest already paid$3,247Through Dec 2026
Assumption only · ends Sep 2056$273,701
Assumption + second · ends Sep 2056, second Jan 2057$917,967
New conventional · ends Jan 2057$888,200