Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
Lowest payment- Down payment
- $810,811
- Funds due
- $829,309
- Interest + MI left
- $86,973
- First ends
- Sep 2039
Assumption
Assumption + second
$7,526/mo
+$5,094/mo- Down payment
- $99,811
- Funds due
- $120,616
- Interest + MI left
- $1,209,701
- First ends
- Sep 2039
New loan
New conventional
$6,818/mo
+$4,386/mo- Down payment
- $99,811
- Funds due
- $116,552
- Interest + MI left
- $1,300,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,189 | $178,189 | $889,189 |
| Second mortgage | — | $711,000 | — |
| First P&I | $1,611.89 | $1,611.89 | $6,023.68 |
| Second P&I | — | $5,093.69 | — |
| Mortgage insurance | $203.78 | $203.78 | $177.84 |
| Taxes, insurance & HOA | $616.42 | $616.42 | $616.42 |
| Total housing payment | $2,432.10 | $7,525.79 | $6,817.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,811
Closing costs & prepaids$20,805
Usable credit−$0
Total buyer cash needed$120,616
Earnest money paid−$0
Remaining funds due$120,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,890.00
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)$1,186.75
Initial HOA (3 months)$12.51
Prepaid interest, first (7 days)$183.85
Prepaid interest, second (7 days)$1,056.76
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 closing12 yr 9 moOf the original 30-year loan at 5.38%
Interest already paid$224,158Through Dec 2026
Assumption only · ends Sep 2039$86,973
Assumption + second · ends Sep 2039, second Jan 2057$1,209,701
New conventional · ends Jan 2057$1,300,141