Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,360/mo
Lowest payment- Down payment
- $167,024
- Funds due
- $182,540
- Interest + MI left
- $739,816
- First ends
- May 2055
Assumption
Assumption + second
$5,140/mo
+$780/mo- Down payment
- $70,024
- Funds due
- $87,006
- Interest + MI left
- $923,790
- First ends
- May 2055
New loan
New conventional
$4,939/mo
+$579/mo- Down payment
- $70,024
- Funds due
- $83,250
- Interest + MI left
- $920,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $532,876 | $532,876 | $629,876 |
| Second mortgage | — | $97,000 | — |
| First P&I | $3,565.74 | $3,565.74 | $4,267.00 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $248.40 | $248.40 | $125.98 |
| Taxes, insurance & HOA | $545.67 | $545.67 | $545.67 |
| Total housing payment | $4,359.80 | $5,140.29 | $4,938.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,024
Closing costs & prepaids$16,982
Usable credit−$0
Total buyer cash needed$87,006
Earnest money paid−$0
Remaining funds due$87,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.00
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)$840.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$905.31
Prepaid interest, second (9 days)$215.26
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 5 moOf the original 30-year loan at 6.89%
Interest already paid$58,663Through Dec 2026
Assumption only · ends May 2055$739,816
Assumption + second · ends May 2055, second Jan 2057$923,790
New conventional · ends Jan 2057$920,983