Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,101/mo
Lowest payment- Down payment
- $727,174
- Funds due
- $743,438
- Interest + MI left
- $18,971
- First ends
- Jan 2032
Assumption
Assumption + second
$6,736/mo
+$4,635/mo- Down payment
- $80,174
- Funds due
- $98,512
- Interest + MI left
- $1,040,639
- First ends
- Jan 2032
New loan
New conventional
$5,557/mo
+$3,456/mo- Down payment
- $80,174
- Funds due
- $94,607
- Interest + MI left
- $1,052,505
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,826 | $72,826 | $719,826 |
| Second mortgage | — | $647,000 | — |
| First P&I | $1,407.19 | $1,407.19 | $4,876.35 |
| Second P&I | — | $4,635.19 | — |
| Mortgage insurance | $156.72 | $156.72 | $143.97 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $2,100.58 | $6,735.76 | $5,556.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,174
Closing costs & prepaids$18,338
Usable credit−$0
Total buyer cash needed$98,512
Earnest money paid−$0
Remaining funds due$98,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,000.00
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)$960.00
Prepaid interest, first (6 days)$78.53
Prepaid interest, second (6 days)$824.26
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 closing5 yr 1 moOf the original 30-year loan at 6.56%
Interest already paid$272,326Through Dec 2026
Assumption only · ends Jan 2032$18,971
Assumption + second · ends Jan 2032, second Jan 2057$1,040,639
New conventional · ends Jan 2057$1,052,505