Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,467/mo
Lowest payment- Down payment
- $570,543
- Funds due
- $591,509
- Interest + MI left
- $708,507
- First ends
- Feb 2056
Assumption
Assumption + second
$7,763/mo
+$3,295/mo- Down payment
- $110,543
- Funds due
- $133,638
- Interest + MI left
- $1,434,885
- First ends
- Feb 2056
New loan
New conventional
$7,745/mo
+$3,278/mo- Down payment
- $110,543
- Funds due
- $129,506
- Interest + MI left
- $1,445,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $528,457 | $528,457 | $988,457 |
| Second mortgage | — | $460,000 | — |
| First P&I | $3,371.44 | $3,371.44 | $6,696.15 |
| Second P&I | — | $3,295.50 | — |
| Mortgage insurance | $244.47 | $244.47 | $197.69 |
| Taxes, insurance & HOA | $851.25 | $851.25 | $851.25 |
| Total housing payment | $4,467.16 | $7,762.66 | $7,745.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,543
Closing costs & prepaids$23,095
Usable credit−$0
Total buyer cash needed$133,638
Earnest money paid−$0
Remaining funds due$133,638
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)$1,318.75
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$846.98
Prepaid interest, second (9 days)$879.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 6.5%
Interest already paid$28,773Through Dec 2026
Assumption only · ends Feb 2056$708,507
Assumption + second · ends Feb 2056, second Jan 2057$1,434,885
New conventional · ends Jan 2057$1,445,288