Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,180/mo
Lowest payment- Down payment
- $126,041
- Funds due
- $140,041
- Interest + MI left
- $670,416
- First ends
- May 2054
Assumption
Assumption + second
$4,670/mo
+$491/mo- Down payment
- $65,041
- Funds due
- $80,306
- Interest + MI left
- $786,111
- First ends
- May 2054
New loan
New conventional
$4,644/mo
+$464/mo- Down payment
- $65,041
- Funds due
- $76,614
- Interest + MI left
- $887,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $523,959 | $523,959 | $584,959 |
| Second mortgage | — | $61,000 | — |
| First P&I | $3,455.79 | $3,455.79 | $4,050.14 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $247.24 | $247.24 | $116.99 |
| Taxes, insurance & HOA | $476.58 | $476.58 | $476.58 |
| Total housing payment | $4,179.61 | $4,670.43 | $4,643.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,041
Closing costs & prepaids$15,265
Usable credit−$0
Total buyer cash needed$80,306
Earnest money paid−$0
Remaining funds due$80,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$569.75
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$95.17
Prepaid interest, second (1 days)$15.04
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 6 moOf the original 30-year loan at 6.630%
Interest already paid$88,206Through Nov 2026
Assumption only · ends May 2054$670,416
Assumption + second · ends May 2054, second Dec 2056$786,111
New conventional · ends Dec 2056$887,130