Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,150/mo
Lowest payment- Down payment
- $217,216
- Funds due
- $233,749
- Interest + MI left
- $729,043
- First ends
- Sep 2056
Assumption
Assumption + second
$5,184/mo
+$1,035/mo- Down payment
- $76,216
- Funds due
- $94,277
- Interest + MI left
- $960,502
- First ends
- Sep 2056
New loan
New conventional
$5,253/mo
+$1,103/mo- Down payment
- $76,216
- Funds due
- $90,537
- Interest + MI left
- $992,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $537,784 | $537,784 | $678,784 |
| Second mortgage | — | $141,000 | — |
| First P&I | $3,383.80 | $3,383.80 | $4,598.32 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $247.17 | $247.17 | $135.76 |
| Taxes, insurance & HOA | $518.67 | $518.67 | $518.67 |
| Total housing payment | $4,149.63 | $5,184.24 | $5,252.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,216
Closing costs & prepaids$18,062
Usable credit−$0
Total buyer cash needed$94,277
Earnest money paid−$0
Remaining funds due$94,277
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,550.00
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)$906.00
Prepaid interest, first (9 days)$852.65
Prepaid interest, second (9 days)$278.14
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 9 moOf the original 30-year loan at 6.43%
Interest already paid$8,661Through Dec 2026
Assumption only · ends Sep 2056$729,043
Assumption + second · ends Sep 2056, second Jan 2057$960,502
New conventional · ends Jan 2057$992,494