Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,066/mo
+$28/mo- Down payment
- $118,638
- Funds due
- $134,703
- Interest + MI left
- $840,385
- First ends
- Dec 2053
Assumption
Assumption + second
$5,436/mo
+$398/mo- Down payment
- $72,638
- Funds due
- $90,021
- Interest + MI left
- $927,630
- First ends
- Dec 2053
New loan
New conventional
$5,038/mo
Lowest payment- Down payment
- $72,638
- Funds due
- $86,219
- Interest + MI left
- $946,550
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $601,362 | $601,362 | $647,362 |
| Second mortgage | — | $46,000 | — |
| First P&I | $4,258.54 | $4,258.54 | $4,385.46 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $284.42 | $284.42 | $129.47 |
| Taxes, insurance & HOA | $522.67 | $522.67 | $522.67 |
| Total housing payment | $5,065.63 | $5,435.75 | $5,037.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,638
Closing costs & prepaids$17,384
Usable credit−$0
Total buyer cash needed$90,021
Earnest money paid−$0
Remaining funds due$90,021
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,200.00
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)$864.00
Initial HOA (3 months)$54.00
Prepaid interest, first (6 days)$722.62
Prepaid interest, second (6 days)$68.05
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 yrOf the original 30-year loan at 7.31%
Interest already paid$134,118Through Dec 2026
Assumption only · ends Dec 2053$840,385
Assumption + second · ends Dec 2053, second Jan 2057$927,630
New conventional · ends Jan 2057$946,550