Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,413/mo
Lowest payment- Down payment
- $290,903
- Funds due
- $307,748
- Interest + MI left
- $696,532
- First ends
- Sep 2054
Assumption
Assumption + second
$5,918/mo
+$1,504/mo- Down payment
- $80,903
- Funds due
- $99,043
- Interest + MI left
- $1,028,140
- First ends
- Sep 2054
New loan
New conventional
$5,847/mo
+$1,434/mo- Down payment
- $80,903
- Funds due
- $95,188
- Interest + MI left
- $1,090,412
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,095 | $509,095 | $719,095 |
| Second mortgage | — | $210,000 | — |
| First P&I | $3,449.83 | $3,449.83 | $4,978.87 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $238.87 | $238.87 | $143.82 |
| Taxes, insurance & HOA | $724.50 | $724.50 | $724.50 |
| Total housing payment | $4,413.19 | $5,917.66 | $5,847.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,903
Closing costs & prepaids$18,140
Usable credit−$0
Total buyer cash needed$99,043
Earnest money paid−$0
Remaining funds due$99,043
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)$1,202.50
Initial HOA (3 months)$321.00
Prepaid interest, first (1 days)$96.94
Prepaid interest, second (1 days)$44.59
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 closing27 yr 10 moOf the original 30-year loan at 6.950%
Interest already paid$77,627Through Nov 2026
Assumption only · ends Sep 2054$696,532
Assumption + second · ends Sep 2054, second Dec 2056$1,028,140
New conventional · ends Dec 2056$1,090,412