Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,332/mo
Lowest payment- Down payment
- $291,404
- Funds due
- $308,782
- Interest + MI left
- $693,391
- First ends
- Sep 2054
Assumption
Assumption + second
$5,844/mo
+$1,512/mo- Down payment
- $80,404
- Funds due
- $99,435
- Interest + MI left
- $1,026,577
- First ends
- Sep 2054
New loan
New conventional
$5,662/mo
+$1,330/mo- Down payment
- $80,404
- Funds due
- $95,580
- Interest + MI left
- $1,052,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $508,594 | $508,594 | $719,594 |
| Second mortgage | — | $211,000 | — |
| First P&I | $3,449.83 | $3,449.83 | $4,874.78 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $238.87 | $238.87 | $143.92 |
| Taxes, insurance & HOA | $643.67 | $643.67 | $643.67 |
| Total housing payment | $4,332.36 | $5,843.99 | $5,662.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,404
Closing costs & prepaids$19,031
Usable credit−$0
Total buyer cash needed$99,435
Earnest money paid−$0
Remaining funds due$99,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,999.98
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)$960.00
Initial HOA (3 months)$321.00
Prepaid interest, first (9 days)$871.58
Prepaid interest, second (9 days)$403.21
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 closing27 yr 9 moOf the original 30-year loan at 6.95%
Interest already paid$80,576Through Dec 2026
Assumption only · ends Sep 2054$693,391
Assumption + second · ends Sep 2054, second Jan 2057$1,026,577
New conventional · ends Jan 2057$1,052,165