Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $807,926
- Funds due
- $825,307
- Interest + MI left
- $26,680
- First ends
- Jul 2033
Assumption
Assumption + second
$7,277/mo
+$5,144/mo- Down payment
- $89,926
- Funds due
- $109,471
- Interest + MI left
- $1,160,462
- First ends
- Jul 2033
New loan
New conventional
$6,219/mo
+$4,086/mo- Down payment
- $89,926
- Funds due
- $105,475
- Interest + MI left
- $1,183,000
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,074 | $91,074 | $809,074 |
| Second mortgage | — | $718,000 | — |
| First P&I | $1,389.22 | $1,389.22 | $5,480.95 |
| Second P&I | — | $5,143.84 | — |
| Mortgage insurance | $167.89 | $167.89 | $161.81 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $2,133.36 | $7,277.20 | $6,219.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,926
Closing costs & prepaids$19,545
Usable credit−$0
Total buyer cash needed$109,471
Earnest money paid−$0
Remaining funds due$109,471
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,990.00
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)$1,078.75
Prepaid interest, first (6 days)$86.68
Prepaid interest, second (6 days)$914.71
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 closing6 yr 7 moOf the original 30-year loan at 5.79%
Interest already paid$244,423Through Dec 2026
Assumption only · ends Jul 2033$26,680
Assumption + second · ends Jul 2033, second Jan 2057$1,160,462
New conventional · ends Jan 2057$1,183,000