Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $730,415
- Funds due
- $747,231
- Interest + MI left
- $51,516
- First ends
- Oct 2042
Assumption
Assumption + second
$6,132/mo
+$4,621/mo- Down payment
- $85,415
- Funds due
- $104,303
- Interest + MI left
- $1,070,025
- First ends
- Oct 2042
New loan
New conventional
$5,889/mo
+$4,378/mo- Down payment
- $85,415
- Funds due
- $100,408
- Interest + MI left
- $1,117,948
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,584 | $119,584 | $764,584 |
| Second mortgage | — | $645,000 | — |
| First P&I | $826.04 | $826.04 | $5,179.56 |
| Second P&I | — | $4,620.86 | — |
| Mortgage insurance | $128.86 | $128.86 | $152.92 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $1,511.56 | $6,132.42 | $5,889.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,415
Closing costs & prepaids$18,887
Usable credit−$0
Total buyer cash needed$104,303
Earnest money paid−$0
Remaining funds due$104,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,499.99
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)$1,020.00
Prepaid interest, first (6 days)$70.57
Prepaid interest, second (6 days)$821.71
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 closing15 yr 10 moOf the original 30-year loan at 3.59%
Interest already paid$78,097Through Dec 2026
Assumption only · ends Oct 2042$51,516
Assumption + second · ends Oct 2042, second Jan 2057$1,070,025
New conventional · ends Jan 2057$1,117,948