Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,403/mo
Lowest payment- Down payment
- $211,434
- Funds due
- $227,838
- Interest + MI left
- $726,571
- First ends
- Feb 2055
Assumption
Assumption + second
$5,401/mo
+$998/mo- Down payment
- $75,434
- Funds due
- $93,267
- Interest + MI left
- $949,822
- First ends
- Feb 2055
New loan
New conventional
$5,281/mo
+$877/mo- Down payment
- $75,434
- Funds due
- $89,480
- Interest + MI left
- $986,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $538,466 | $538,466 | $674,466 |
| Second mortgage | — | $136,000 | — |
| First P&I | $3,574.69 | $3,574.69 | $4,569.07 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $251.83 | $251.83 | $134.89 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $4,403.18 | $5,401.10 | $5,280.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,434
Closing costs & prepaids$17,833
Usable credit−$0
Total buyer cash needed$93,267
Earnest money paid−$0
Remaining funds due$93,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,499.00
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)$900.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$600.13
Prepaid interest, second (6 days)$178.85
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 closing28 yr 2 moOf the original 30-year loan at 6.78%
Interest already paid$67,659Through Dec 2026
Assumption only · ends Feb 2055$726,571
Assumption + second · ends Feb 2055, second Jan 2057$949,822
New conventional · ends Jan 2057$986,181