Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,307/mo
Lowest payment- Down payment
- $294,158
- Funds due
- $308,725
- Interest + MI left
- $549,897
- First ends
- Sep 2055
Assumption
Assumption + second
$4,912/mo
+$1,605/mo- Down payment
- $70,158
- Funds due
- $86,070
- Interest + MI left
- $903,612
- First ends
- Sep 2055
New loan
New conventional
$4,961/mo
+$1,654/mo- Down payment
- $70,158
- Funds due
- $82,330
- Interest + MI left
- $952,165
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,842 | $403,842 | $627,842 |
| Second mortgage | — | $224,000 | — |
| First P&I | $2,631.28 | $2,631.28 | $4,347.05 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $187.47 | $187.47 | $125.57 |
| Taxes, insurance & HOA | $488.17 | $488.17 | $488.17 |
| Total housing payment | $3,306.92 | $4,911.68 | $4,960.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,158
Closing costs & prepaids$15,912
Usable credit−$0
Total buyer cash needed$86,070
Earnest money paid−$0
Remaining funds due$86,070
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,980.00
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)$607.50
Initial HOA (3 months)$357.00
Prepaid interest, first (2 days)$147.60
Prepaid interest, second (2 days)$95.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 6.670%
Interest already paid$31,645Through Nov 2026
Assumption only · ends Sep 2055$549,897
Assumption + second · ends Sep 2055, second Dec 2056$903,612
New conventional · ends Dec 2056$952,165