Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,947/mo
Lowest payment- Down payment
- $620,010
- Funds due
- $636,348
- Interest + MI left
- $71,859
- First ends
- Dec 2042
Assumption
Assumption + second
$5,815/mo
+$3,869/mo- Down payment
- $80,010
- Funds due
- $98,286
- Interest + MI left
- $924,564
- First ends
- Dec 2042
New loan
New conventional
$5,570/mo
+$3,624/mo- Down payment
- $80,010
- Funds due
- $94,501
- Interest + MI left
- $1,049,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,990 | $177,990 | $717,990 |
| Second mortgage | — | $540,000 | — |
| First P&I | $1,190.08 | $1,190.08 | $4,863.91 |
| Second P&I | — | $3,868.63 | — |
| Mortgage insurance | $193.70 | $193.70 | $143.60 |
| Taxes, insurance & HOA | $562.75 | $562.75 | $562.75 |
| Total housing payment | $1,946.53 | $5,815.16 | $5,570.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,010
Closing costs & prepaids$18,276
Usable credit−$0
Total buyer cash needed$98,286
Earnest money paid−$0
Remaining funds due$98,286
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,980.00
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)$957.50
Initial HOA (3 months)$80.76
Prepaid interest, first (6 days)$95.09
Prepaid interest, second (6 days)$687.95
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 closing16 yrOf the original 30-year loan at 3.25%
Interest already paid$104,472Through Dec 2026
Assumption only · ends Dec 2042$71,859
Assumption + second · ends Dec 2042, second Jan 2057$924,564
New conventional · ends Jan 2057$1,049,820