Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,701/mo
Lowest payment- Down payment
- $229,048
- Funds due
- $247,732
- Interest + MI left
- $889,712
- First ends
- Sep 2053
Assumption
Assumption + second
$6,691/mo
+$991/mo- Down payment
- $94,048
- Funds due
- $114,189
- Interest + MI left
- $1,111,321
- First ends
- Sep 2053
New loan
New conventional
$6,499/mo
+$798/mo- Down payment
- $94,048
- Funds due
- $110,244
- Interest + MI left
- $1,236,922
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $710,952 | $710,952 | $845,952 |
| Second mortgage | — | $135,000 | — |
| First P&I | $4,763.11 | $4,763.11 | $5,730.77 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $338.67 | $338.67 | $169.19 |
| Taxes, insurance & HOA | $598.92 | $598.92 | $598.92 |
| Total housing payment | $5,700.69 | $6,691.28 | $6,498.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,048
Closing costs & prepaids$20,141
Usable credit−$0
Total buyer cash needed$114,189
Earnest money paid−$0
Remaining funds due$114,189
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,400.00
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)$1,128.00
Initial HOA (3 months)$18.75
Prepaid interest, first (7 days)$912.16
Prepaid interest, second (7 days)$207.12
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 closing26 yr 9 moOf the original 30-year loan at 6.69%
Interest already paid$157,806Through Dec 2026
Assumption only · ends Sep 2053$889,712
Assumption + second · ends Sep 2053, second Jan 2057$1,111,321
New conventional · ends Jan 2057$1,236,922