Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,499/mo
+$1,112/mo- Down payment
- $708,049
- Funds due
- $723,987
- Interest + MI left
- $4,722
- First ends
- Dec 2027
Assumption
Assumption + second
$11,013/mo
+$5,625/mo- Down payment
- $78,049
- Funds due
- $96,039
- Interest + MI left
- $999,545
- First ends
- Dec 2027
New loan
New conventional
$5,387/mo
Lowest payment- Down payment
- $78,049
- Funds due
- $92,196
- Interest + MI left
- $1,019,058
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,951 | $66,951 | $696,951 |
| Second mortgage | — | $630,000 | — |
| First P&I | $5,668.16 | $5,668.16 | $4,721.39 |
| Second P&I | — | $4,513.40 | — |
| Mortgage insurance | $304.58 | $304.58 | $139.39 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $6,499.41 | $11,012.81 | $5,387.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,049
Closing costs & prepaids$17,990
Usable credit−$0
Total buyer cash needed$96,039
Earnest money paid−$0
Remaining funds due$96,039
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
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)$930.00
Prepaid interest, first (6 days)$32.25
Prepaid interest, second (6 days)$802.60
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 closing1 yrOf the original 7-year loan at 2.93%
Interest already paid$45,058Through Dec 2026
Assumption only · ends Dec 2027$4,722
Assumption + second · ends Dec 2027, second Jan 2057$999,545
New conventional · ends Jan 2057$1,019,058