Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,565/mo
Lowest payment- Down payment
- $143,720
- Funds due
- $163,127
- Interest + MI left
- $1,128,329
- First ends
- Apr 2055
Assumption
Assumption + second
$6,952/mo
+$386/mo- Down payment
- $95,720
- Funds due
- $116,459
- Interest + MI left
- $1,219,368
- First ends
- Apr 2055
New loan
New conventional
$6,710/mo
+$144/mo- Down payment
- $95,720
- Funds due
- $112,469
- Interest + MI left
- $1,249,099
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $806,280 | $806,280 | $854,280 |
| Second mortgage | — | $48,000 | — |
| First P&I | $5,437.53 | $5,437.53 | $5,787.19 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $376.11 | $376.11 | $170.86 |
| Taxes, insurance & HOA | $751.67 | $751.67 | $751.67 |
| Total housing payment | $6,565.31 | $6,951.53 | $6,709.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,720
Closing costs & prepaids$20,739
Usable credit−$0
Total buyer cash needed$116,459
Earnest money paid−$0
Remaining funds due$116,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,500.00
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)$1,140.00
Initial HOA (3 months)$465.00
Prepaid interest, first (7 days)$1,076.22
Prepaid interest, second (7 days)$82.85
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 closing28 yr 4 moOf the original 30-year loan at 6.96%
Interest already paid$94,417Through Dec 2026
Assumption only · ends Apr 2055$1,128,329
Assumption + second · ends Apr 2055, second Jan 2057$1,219,368
New conventional · ends Jan 2057$1,249,099