Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,368/mo
Lowest payment- Down payment
- $166,521
- Funds due
- $181,256
- Interest + MI left
- $743,074
- First ends
- May 2055
Assumption
Assumption + second
$5,140/mo
+$772/mo- Down payment
- $70,521
- Funds due
- $86,529
- Interest + MI left
- $925,151
- First ends
- May 2055
New loan
New conventional
$5,037/mo
+$669/mo- Down payment
- $70,521
- Funds due
- $82,778
- Interest + MI left
- $954,496
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $533,379 | $533,379 | $629,379 |
| Second mortgage | — | $96,000 | — |
| First P&I | $3,565.74 | $3,565.74 | $4,357.69 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $248.40 | $248.40 | $125.88 |
| Taxes, insurance & HOA | $553.42 | $553.42 | $553.42 |
| Total housing payment | $4,367.55 | $5,139.99 | $5,036.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,521
Closing costs & prepaids$16,009
Usable credit−$0
Total buyer cash needed$86,529
Earnest money paid−$0
Remaining funds due$86,529
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.00
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)$863.25
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$100.68
Prepaid interest, second (1 days)$23.67
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 closing28 yr 6 moOf the original 30-year loan at 6.890%
Interest already paid$55,600Through Nov 2026
Assumption only · ends May 2055$743,074
Assumption + second · ends May 2055, second Dec 2056$925,151
New conventional · ends Dec 2056$954,496