Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,551/mo
Lowest payment- Down payment
- $634,873
- Funds due
- $656,444
- Interest + MI left
- $772,775
- First ends
- Jul 2056
Assumption
Assumption + second
$8,234/mo
+$3,682/mo- Down payment
- $120,873
- Funds due
- $144,676
- Interest + MI left
- $1,584,424
- First ends
- Jul 2056
New loan
New conventional
$8,221/mo
+$3,670/mo- Down payment
- $120,873
- Funds due
- $140,437
- Interest + MI left
- $1,577,570
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $564,927 | $564,927 | $1,078,927 |
| Second mortgage | — | $514,000 | — |
| First P&I | $3,594.52 | $3,594.52 | $7,309.03 |
| Second P&I | — | $3,682.36 | — |
| Mortgage insurance | $260.11 | $260.11 | $215.79 |
| Taxes, insurance & HOA | $696.58 | $696.58 | $696.58 |
| Total housing payment | $4,551.21 | $8,233.57 | $8,221.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,873
Closing costs & prepaids$23,803
Usable credit−$0
Total buyer cash needed$144,676
Earnest money paid−$0
Remaining funds due$144,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,998.00
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)$1,439.75
Prepaid interest, first (9 days)$908.22
Prepaid interest, second (9 days)$982.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing29 yr 7 moOf the original 30-year loan at 6.52%
Interest already paid$15,389Through Dec 2026
Assumption only · ends Jul 2056$772,775
Assumption + second · ends Jul 2056, second Jan 2057$1,584,424
New conventional · ends Jan 2057$1,577,570