Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,166/mo
Lowest payment- Down payment
- $204,292
- Funds due
- $220,469
- Interest + MI left
- $697,296
- First ends
- Apr 2055
Assumption
Assumption + second
$5,142/mo
+$976/mo- Down payment
- $71,292
- Funds due
- $88,982
- Interest + MI left
- $915,622
- First ends
- Apr 2055
New loan
New conventional
$4,985/mo
+$819/mo- Down payment
- $71,292
- Funds due
- $85,223
- Interest + MI left
- $926,586
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $500,708 | $500,708 | $633,708 |
| Second mortgage | — | $133,000 | — |
| First P&I | $3,366.86 | $3,366.86 | $4,292.96 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $233.59 | $233.59 | $126.74 |
| Taxes, insurance & HOA | $565.67 | $565.67 | $565.67 |
| Total housing payment | $4,166.12 | $5,142.03 | $4,985.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,292
Closing costs & prepaids$17,690
Usable credit−$0
Total buyer cash needed$88,982
Earnest money paid−$0
Remaining funds due$88,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,050.00
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)$846.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$855.59
Prepaid interest, second (9 days)$262.36
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 4 moOf the original 30-year loan at 6.93%
Interest already paid$58,385Through Dec 2026
Assumption only · ends Apr 2055$697,296
Assumption + second · ends Apr 2055, second Jan 2057$915,622
New conventional · ends Jan 2057$926,586