Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $587,746
- Funds due
- $603,735
- Interest + MI left
- $350,215
- First ends
- Nov 2065
Assumption
Assumption + second
$5,337/mo
+$3,661/mo- Down payment
- $76,746
- Funds due
- $94,636
- Interest + MI left
- $1,157,127
- First ends
- Nov 2065
New loan
New conventional
$5,323/mo
+$3,647/mo- Down payment
- $76,746
- Funds due
- $90,784
- Interest + MI left
- $1,006,341
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,254 | $177,254 | $688,254 |
| Second mortgage | — | $511,000 | — |
| First P&I | $1,071.58 | $1,071.58 | $4,662.47 |
| Second P&I | — | $3,660.87 | — |
| Mortgage insurance | $81.69 | $81.69 | $137.65 |
| Taxes, insurance & HOA | $522.67 | $522.67 | $522.67 |
| Total housing payment | $1,675.94 | $5,336.81 | $5,322.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,746
Closing costs & prepaids$17,890
Usable credit−$0
Total buyer cash needed$94,636
Earnest money paid−$0
Remaining funds due$94,636
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,650.00
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)$918.00
Prepaid interest, first (6 days)$195.80
Prepaid interest, second (6 days)$651.00
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 closing38 yr 11 moOf the original 40-year loan at 6.72%
Interest already paid$12,943Through Dec 2026
Assumption only · ends Nov 2065$350,215
Assumption + second · ends Nov 2065, second Jan 2057$1,157,127
New conventional · ends Jan 2057$1,006,341