Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,756/mo
Lowest payment- Down payment
- $692,310
- Funds due
- $707,838
- Interest + MI left
- $8,404
- First ends
- Jul 2030
Assumption
Assumption + second
$6,183/mo
+$4,427/mo- Down payment
- $74,310
- Funds due
- $91,876
- Interest + MI left
- $984,278
- First ends
- Jul 2030
New loan
New conventional
$5,129/mo
+$3,373/mo- Down payment
- $74,310
- Funds due
- $88,034
- Interest + MI left
- $966,038
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,690 | $42,690 | $660,690 |
| Second mortgage | — | $618,000 | — |
| First P&I | $1,102.69 | $1,102.69 | $4,475.74 |
| Second P&I | — | $4,427.43 | — |
| Mortgage insurance | $132.54 | $132.54 | $132.14 |
| Taxes, insurance & HOA | $520.67 | $520.67 | $520.67 |
| Total housing payment | $1,755.89 | $6,183.32 | $5,128.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,310
Closing costs & prepaids$17,565
Usable credit−$0
Total buyer cash needed$91,876
Earnest money paid−$0
Remaining funds due$91,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,350.00
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)$882.00
Initial HOA (3 months)$30.00
Prepaid interest, first (6 days)$40.98
Prepaid interest, second (6 days)$787.32
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 closing3 yr 7 moOf the original 30-year loan at 5.84%
Interest already paid$205,124Through Dec 2026
Assumption only · ends Jul 2030$8,404
Assumption + second · ends Jul 2030, second Jan 2057$984,278
New conventional · ends Jan 2057$966,038