Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,384/mo
Lowest payment- Down payment
- $294,545
- Funds due
- $309,858
- Interest + MI left
- $547,501
- First ends
- Sep 2055
Assumption
Assumption + second
$4,988/mo
+$1,605/mo- Down payment
- $70,545
- Funds due
- $87,536
- Interest + MI left
- $901,216
- First ends
- Sep 2055
New loan
New conventional
$4,941/mo
+$1,557/mo- Down payment
- $70,545
- Funds due
- $83,800
- Interest + MI left
- $917,443
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,455 | $403,455 | $627,455 |
| Second mortgage | — | $224,000 | — |
| First P&I | $2,631.28 | $2,631.28 | $4,250.60 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $187.47 | $187.47 | $125.49 |
| Taxes, insurance & HOA | $564.83 | $564.83 | $564.83 |
| Total housing payment | $3,383.59 | $4,988.35 | $4,940.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,545
Closing costs & prepaids$16,991
Usable credit−$0
Total buyer cash needed$87,536
Earnest money paid−$0
Remaining funds due$87,536
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)$837.50
Initial HOA (3 months)$357.00
Prepaid interest, first (9 days)$663.55
Prepaid interest, second (9 days)$428.05
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 closing28 yr 9 moOf the original 30-year loan at 6.67%
Interest already paid$33,889Through Dec 2026
Assumption only · ends Sep 2055$547,501
Assumption + second · ends Sep 2055, second Jan 2057$901,216
New conventional · ends Jan 2057$917,443