Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,428/mo
Lowest payment- Down payment
- $674,977
- Funds due
- $690,694
- Interest + MI left
- $18,305
- First ends
- Feb 2031
Assumption
Assumption + second
$6,726/mo
+$4,298/mo- Down payment
- $74,977
- Funds due
- $92,708
- Interest + MI left
- $965,756
- First ends
- Feb 2031
New loan
New conventional
$5,220/mo
+$2,792/mo- Down payment
- $74,977
- Funds due
- $88,845
- Interest + MI left
- $985,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,023 | $74,023 | $674,023 |
| Second mortgage | — | $600,000 | — |
| First P&I | $1,736.37 | $1,736.37 | $4,566.07 |
| Second P&I | — | $4,298.47 | — |
| Mortgage insurance | $172.01 | $172.01 | $134.80 |
| Taxes, insurance & HOA | $519.17 | $519.17 | $519.17 |
| Total housing payment | $2,427.55 | $6,726.02 | $5,220.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,977
Closing costs & prepaids$17,731
Usable credit−$0
Total buyer cash needed$92,708
Earnest money paid−$0
Remaining funds due$92,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
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)$898.75
Initial HOA (3 months)$8.76
Prepaid interest, first (6 days)$94.06
Prepaid interest, second (6 days)$764.38
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 closing4 yr 2 moOf the original 30-year loan at 7.73%
Interest already paid$369,458Through Dec 2026
Assumption only · ends Feb 2031$18,305
Assumption + second · ends Feb 2031, second Jan 2057$965,756
New conventional · ends Jan 2057$985,533