Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,692/mo
+$472/mo- Down payment
- $119,857
- Funds due
- $138,323
- Interest + MI left
- $1,175,257
- First ends
- Feb 2054
Assumption
Assumption + second
$6,925/mo
+$705/mo- Down payment
- $90,857
- Funds due
- $110,623
- Interest + MI left
- $1,230,259
- First ends
- Feb 2054
New loan
New conventional
$6,220/mo
Lowest payment- Down payment
- $90,857
- Funds due
- $106,568
- Interest + MI left
- $1,183,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $780,143 | $780,143 | $809,143 |
| Second mortgage | — | $29,000 | — |
| First P&I | $5,747.83 | $5,747.83 | $5,481.42 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $367.37 | $367.37 | $161.83 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $6,691.87 | $6,925.21 | $6,219.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,857
Closing costs & prepaids$19,766
Usable credit−$0
Total buyer cash needed$110,623
Earnest money paid−$0
Remaining funds due$110,623
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,000.00
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)$1,080.00
Prepaid interest, first (7 days)$1,161.02
Prepaid interest, second (7 days)$50.05
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 closing27 yr 2 moOf the original 30-year loan at 7.76%
Interest already paid$174,034Through Dec 2026
Assumption only · ends Feb 2054$1,175,257
Assumption + second · ends Feb 2054, second Jan 2057$1,230,259
New conventional · ends Jan 2057$1,183,101