Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,283/mo
Lowest payment- Down payment
- $94,799
- Funds due
- $111,416
- Interest + MI left
- $868,751
- First ends
- Sep 2054
Assumption
Assumption + second
$5,864/mo
+$581/mo- Down payment
- $37,799
- Funds due
- $55,777
- Interest + MI left
- $1,020,850
- First ends
- Sep 2054
New loan
New conventional
$5,571/mo
+$288/mo- Down payment
- $37,799
- Funds due
- $52,348
- Interest + MI left
- $1,045,202
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $655,201 | $655,201 | $712,201 |
| Second mortgage | — | $57,000 | — |
| First P&I | $4,371.50 | $4,371.50 | $4,824.70 |
| Second P&I | — | $580.83 | — |
| Mortgage insurance | $307.97 | $307.97 | $142.44 |
| Taxes, insurance & HOA | $603.67 | $603.67 | $603.67 |
| Total housing payment | $5,283.13 | $5,863.96 | $5,570.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,799
Closing costs & prepaids$17,978
Usable credit−$0
Total buyer cash needed$55,777
Earnest money paid−$0
Remaining funds due$55,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
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)$900.00
Initial HOA (3 months)$261.00
Prepaid interest, first (6 days)$730.23
Prepaid interest, second (6 days)$111.27
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 closing27 yr 9 moOf the original 30-year loan at 6.78%
Interest already paid$101,306Through Dec 2026
Assumption only · ends Sep 2054$868,751
Assumption + second · ends Sep 2054, second Jan 2057$1,020,850
New conventional · ends Jan 2057$1,045,202