Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,005/mo
Lowest payment- Down payment
- $104,631
- Funds due
- $119,357
- Interest + MI left
- $1,023,414
- First ends
- Jan 2065
Assumption
Assumption + second
$4,302/mo
+$298/mo- Down payment
- $67,631
- Funds due
- $83,671
- Interest + MI left
- $1,093,590
- First ends
- Jan 2065
New loan
New conventional
$4,673/mo
+$668/mo- Down payment
- $67,631
- Funds due
- $80,026
- Interest + MI left
- $888,074
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $570,369 | $570,369 | $607,369 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,303.46 | $3,303.46 | $4,114.53 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $264.39 | $264.39 | $121.47 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $4,004.51 | $4,302.22 | $4,672.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,631
Closing costs & prepaids$16,040
Usable credit−$0
Total buyer cash needed$83,671
Earnest money paid−$0
Remaining funds due$83,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Prepaid interest, first (7 days)$691.32
Prepaid interest, second (7 days)$63.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing38 yr 1 moOf the original 40-year loan at 6.32%
Interest already paid$69,508Through Dec 2026
Assumption only · ends Jan 2065$1,023,414
Assumption + second · ends Jan 2065, second Jan 2057$1,093,590
New conventional · ends Jan 2057$888,074