Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,057/mo
Lowest payment- Down payment
- $570,037
- Funds due
- $589,021
- Interest + MI left
- $711,558
- First ends
- Feb 2056
Assumption
Assumption + second
$7,353/mo
+$3,295/mo- Down payment
- $110,037
- Funds due
- $130,368
- Interest + MI left
- $1,437,936
- First ends
- Feb 2056
New loan
New conventional
$7,487/mo
+$3,429/mo- Down payment
- $110,037
- Funds due
- $126,227
- Interest + MI left
- $1,499,829
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $528,963 | $528,963 | $988,963 |
| Second mortgage | — | $460,000 | — |
| First P&I | $3,371.44 | $3,371.44 | $6,847.38 |
| Second P&I | — | $3,295.50 | — |
| Mortgage insurance | $244.47 | $244.47 | $197.79 |
| Taxes, insurance & HOA | $441.50 | $441.50 | $441.50 |
| Total housing payment | $4,057.41 | $7,352.91 | $7,486.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,037
Closing costs & prepaids$20,331
Usable credit−$0
Total buyer cash needed$130,368
Earnest money paid−$0
Remaining funds due$130,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,990.00
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)$89.50
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$94.20
Prepaid interest, second (1 days)$97.67
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 closing29 yr 3 moOf the original 30-year loan at 6.500%
Interest already paid$25,908Through Nov 2026
Assumption only · ends Feb 2056$711,558
Assumption + second · ends Feb 2056, second Dec 2056$1,437,936
New conventional · ends Dec 2056$1,499,829