Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,697/mo
Lowest payment- Down payment
- $566,889
- Funds due
- $581,296
- Interest + MI left
- $61,781
- First ends
- Jul 2040
Assumption
Assumption + second
$5,251/mo
+$3,553/mo- Down payment
- $70,889
- Funds due
- $87,178
- Interest + MI left
- $845,007
- First ends
- Jul 2040
New loan
New conventional
$4,827/mo
+$3,130/mo- Down payment
- $70,889
- Funds due
- $83,425
- Interest + MI left
- $918,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,111 | $132,111 | $628,111 |
| Second mortgage | — | $496,000 | — |
| First P&I | $1,101.44 | $1,101.44 | $4,255.04 |
| Second P&I | — | $3,553.40 | — |
| Mortgage insurance | $149.56 | $149.56 | $125.62 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $1,697.25 | $5,250.65 | $4,826.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,889
Closing costs & prepaids$16,289
Usable credit−$0
Total buyer cash needed$87,178
Earnest money paid−$0
Remaining funds due$87,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Prepaid interest, first (6 days)$103.16
Prepaid interest, second (6 days)$631.89
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 closing13 yr 7 moOf the original 30-year loan at 4.75%
Interest already paid$137,948Through Dec 2026
Assumption only · ends Jul 2040$61,781
Assumption + second · ends Jul 2040, second Jan 2057$845,007
New conventional · ends Jan 2057$918,402