Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,507/mo
Lowest payment- Down payment
- $730,663
- Funds due
- $747,478
- Interest + MI left
- $50,976
- First ends
- Oct 2042
Assumption
Assumption + second
$6,128/mo
+$4,621/mo- Down payment
- $85,663
- Funds due
- $104,549
- Interest + MI left
- $1,069,485
- First ends
- Oct 2042
New loan
New conventional
$5,887/mo
+$4,380/mo- Down payment
- $85,663
- Funds due
- $100,653
- Interest + MI left
- $1,117,586
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,336 | $119,336 | $764,336 |
| Second mortgage | — | $645,000 | — |
| First P&I | $821.96 | $821.96 | $5,177.88 |
| Second P&I | — | $4,620.86 | — |
| Mortgage insurance | $128.86 | $128.86 | $152.87 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $1,507.48 | $6,128.34 | $5,887.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,663
Closing costs & prepaids$18,886
Usable credit−$0
Total buyer cash needed$104,549
Earnest money paid−$0
Remaining funds due$104,549
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,499.99
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)$1,020.00
Prepaid interest, first (6 days)$69.64
Prepaid interest, second (6 days)$821.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing15 yr 10 moOf the original 30-year loan at 3.55%
Interest already paid$77,156Through Dec 2026
Assumption only · ends Oct 2042$50,976
Assumption + second · ends Oct 2042, second Jan 2057$1,069,485
New conventional · ends Jan 2057$1,117,586