Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$687/mo
Lowest payment- Down payment
- $767,034
- Funds due
- $783,273
- Interest + MI left
- $3,488
- First ends
- Jan 2047
Assumption
Assumption + second
$5,623/mo
+$4,936/mo- Down payment
- $78,034
- Funds due
- $96,400
- Interest + MI left
- $1,091,476
- First ends
- Jan 2047
New loan
New conventional
$5,498/mo
+$4,810/mo- Down payment
- $78,034
- Funds due
- $92,511
- Interest + MI left
- $1,019,080
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,966 | $7,966 | $696,966 |
| Second mortgage | — | $689,000 | — |
| First P&I | $43.65 | $43.65 | $4,721.49 |
| Second P&I | — | $4,936.08 | — |
| Mortgage insurance | $6.77 | $6.77 | $139.39 |
| Taxes, insurance & HOA | $636.67 | $636.67 | $636.67 |
| Total housing payment | $687.08 | $5,623.16 | $5,497.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,034
Closing costs & prepaids$18,367
Usable credit−$0
Total buyer cash needed$96,400
Earnest money paid−$0
Remaining funds due$96,400
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
Initial HOA (3 months)$330.00
Prepaid interest, first (6 days)$3.80
Prepaid interest, second (6 days)$877.77
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 closing20 yr 1 moOf the original 26-year loan at 2.9%
Interest already paid$1,509Through Dec 2026
Assumption only · ends Jan 2047$3,488
Assumption + second · ends Jan 2047, second Jan 2057$1,091,476
New conventional · ends Jan 2057$1,019,080