Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,186/mo
Lowest payment- Down payment
- $203,819
- Funds due
- $219,297
- Interest + MI left
- $700,372
- First ends
- Apr 2055
Assumption
Assumption + second
$5,162/mo
+$976/mo- Down payment
- $70,819
- Funds due
- $87,576
- Interest + MI left
- $918,699
- First ends
- Apr 2055
New loan
New conventional
$5,104/mo
+$917/mo- Down payment
- $70,819
- Funds due
- $83,822
- Interest + MI left
- $961,778
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,181 | $501,181 | $634,181 |
| Second mortgage | — | $133,000 | — |
| First P&I | $3,366.86 | $3,366.86 | $4,390.94 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $233.59 | $233.59 | $126.84 |
| Taxes, insurance & HOA | $585.83 | $585.83 | $585.83 |
| Total housing payment | $4,186.29 | $5,162.20 | $5,103.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,819
Closing costs & prepaids$16,757
Usable credit−$0
Total buyer cash needed$87,576
Earnest money paid−$0
Remaining funds due$87,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,050.00
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)$906.50
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$95.16
Prepaid interest, second (1 days)$29.15
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 5 moOf the original 30-year loan at 6.930%
Interest already paid$55,490Through Nov 2026
Assumption only · ends Apr 2055$700,372
Assumption + second · ends Apr 2055, second Dec 2056$918,699
New conventional · ends Dec 2056$961,778