Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,117/mo
Lowest payment- Down payment
- $95,630
- Funds due
- $113,752
- Interest + MI left
- $1,015,163
- First ends
- Sep 2054
Assumption
Assumption + second
$6,657/mo
+$540/mo- Down payment
- $42,630
- Funds due
- $62,123
- Interest + MI left
- $1,156,589
- First ends
- Sep 2054
New loan
New conventional
$6,316/mo
+$199/mo- Down payment
- $42,630
- Funds due
- $58,644
- Interest + MI left
- $1,184,868
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $754,370 | $754,370 | $807,370 |
| Second mortgage | — | $53,000 | — |
| First P&I | $5,077.45 | $5,077.45 | $5,469.41 |
| Second P&I | — | $540.07 | — |
| Mortgage insurance | $354.43 | $354.43 | $161.47 |
| Taxes, insurance & HOA | $684.67 | $684.67 | $684.67 |
| Total housing payment | $6,116.54 | $6,656.61 | $6,315.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,630
Closing costs & prepaids$19,494
Usable credit−$0
Total buyer cash needed$62,123
Earnest money paid−$0
Remaining funds due$62,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,500.00
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)$1,020.00
Initial HOA (3 months)$384.00
Prepaid interest, first (7 days)$993.91
Prepaid interest, second (7 days)$120.70
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 9 moOf the original 30-year loan at 6.87%
Interest already paid$118,162Through Dec 2026
Assumption only · ends Sep 2054$1,015,163
Assumption + second · ends Sep 2054, second Jan 2057$1,156,589
New conventional · ends Jan 2057$1,184,868