Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,482/mo
Lowest payment- Down payment
- $382,090
- Funds due
- $403,606
- Interest + MI left
- $1,094,901
- First ends
- Jan 2055
Assumption
Assumption + second
$8,359/mo
+$1,877/mo- Down payment
- $120,090
- Funds due
- $143,190
- Interest + MI left
- $1,508,621
- First ends
- Jan 2055
New loan
New conventional
$8,191/mo
+$1,709/mo- Down payment
- $120,090
- Funds due
- $138,967
- Interest + MI left
- $1,571,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $812,910 | $812,910 | $1,074,910 |
| Second mortgage | — | $262,000 | — |
| First P&I | $5,407.28 | $5,407.28 | $7,281.81 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $380.55 | $380.55 | $214.98 |
| Taxes, insurance & HOA | $694.67 | $694.67 | $694.67 |
| Total housing payment | $6,482.49 | $8,359.49 | $8,191.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,090
Closing costs & prepaids$23,100
Usable credit−$0
Total buyer cash needed$143,190
Earnest money paid−$0
Remaining funds due$143,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,950.00
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)$1,434.00
Prepaid interest, first (6 days)$907.34
Prepaid interest, second (6 days)$333.78
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 closing28 yr 1 moOf the original 30-year loan at 6.79%
Interest already paid$106,997Through Dec 2026
Assumption only · ends Jan 2055$1,094,901
Assumption + second · ends Jan 2055, second Jan 2057$1,508,621
New conventional · ends Jan 2057$1,571,696