Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,465/mo
Lowest payment- Down payment
- $763,233
- Funds due
- $781,027
- Interest + MI left
- $78,235
- First ends
- Jan 2052
Assumption
Assumption + second
$6,286/mo
+$4,821/mo- Down payment
- $90,233
- Funds due
- $110,564
- Interest + MI left
- $1,140,959
- First ends
- Jan 2052
New loan
New conventional
$6,351/mo
+$4,886/mo- Down payment
- $90,233
- Funds due
- $106,654
- Interest + MI left
- $1,183,136
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,167 | $136,167 | $809,167 |
| Second mortgage | — | $673,000 | — |
| First P&I | $649.25 | $649.25 | $5,481.58 |
| Second P&I | — | $4,821.45 | — |
| Mortgage insurance | $108.11 | $108.11 | $161.83 |
| Taxes, insurance & HOA | $707.42 | $707.42 | $707.42 |
| Total housing payment | $1,464.78 | $6,286.23 | $6,350.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,233
Closing costs & prepaids$20,330
Usable credit−$0
Total buyer cash needed$110,564
Earnest money paid−$0
Remaining funds due$110,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,994.00
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)$1,079.25
Initial HOA (3 months)$393.00
Prepaid interest, first (9 days)$103.08
Prepaid interest, second (9 days)$1,286.08
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 closing25 yr 1 moOf the original 30-year loan at 3.07%
Interest already paid$21,848Through Dec 2026
Assumption only · ends Jan 2052$78,235
Assumption + second · ends Jan 2052, second Jan 2057$1,140,959
New conventional · ends Jan 2057$1,183,136