Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,645/mo
Lowest payment- Down payment
- $704,091
- Funds due
- $720,654
- Interest + MI left
- $62,140
- First ends
- Jul 2041
Assumption
Assumption + second
$6,094/mo
+$4,449/mo- Down payment
- $83,091
- Funds due
- $101,695
- Interest + MI left
- $1,042,751
- First ends
- Jul 2041
New loan
New conventional
$5,721/mo
+$4,076/mo- Down payment
- $83,091
- Funds due
- $97,801
- Interest + MI left
- $1,084,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,909 | $120,909 | $741,909 |
| Second mortgage | — | $621,000 | — |
| First P&I | $969.51 | $969.51 | $5,025.95 |
| Second P&I | — | $4,448.92 | — |
| Mortgage insurance | $129.10 | $129.10 | $148.38 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $1,645.28 | $6,094.20 | $5,721.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,091
Closing costs & prepaids$18,604
Usable credit−$0
Total buyer cash needed$101,695
Earnest money paid−$0
Remaining funds due$101,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
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)$990.00
Prepaid interest, first (6 days)$97.79
Prepaid interest, second (6 days)$791.14
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 closing14 yr 7 moOf the original 30-year loan at 4.92%
Interest already paid$118,010Through Dec 2026
Assumption only · ends Jul 2041$62,140
Assumption + second · ends Jul 2041, second Jan 2057$1,042,751
New conventional · ends Jan 2057$1,084,794