Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,006/mo
Lowest payment- Down payment
- $159,095
- Funds due
- $173,191
- Interest + MI left
- $665,691
- First ends
- Jan 2055
Assumption
Assumption + second
$4,755/mo
+$748/mo- Down payment
- $66,095
- Funds due
- $81,464
- Interest + MI left
- $842,079
- First ends
- Jan 2055
New loan
New conventional
$4,707/mo
+$701/mo- Down payment
- $66,095
- Funds due
- $77,759
- Interest + MI left
- $900,545
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $500,805 | $500,805 | $593,805 |
| Second mortgage | — | $93,000 | — |
| First P&I | $3,295.26 | $3,295.26 | $4,111.39 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $234.30 | $234.30 | $118.76 |
| Taxes, insurance & HOA | $476.92 | $476.92 | $476.92 |
| Total housing payment | $4,006.47 | $4,754.77 | $4,707.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,095
Closing costs & prepaids$15,369
Usable credit−$0
Total buyer cash needed$81,464
Earnest money paid−$0
Remaining funds due$81,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,599.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$543.75
Initial HOA (3 months)$387.00
Prepaid interest, first (1 days)$91.79
Prepaid interest, second (1 days)$22.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.690%
Interest already paid$62,103Through Nov 2026
Assumption only · ends Jan 2055$665,691
Assumption + second · ends Jan 2055, second Dec 2056$842,079
New conventional · ends Dec 2056$900,545