Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,520/mo
Lowest payment- Down payment
- $730,195
- Funds due
- $746,989
- Interest + MI left
- $51,411
- First ends
- Oct 2042
Assumption
Assumption + second
$6,141/mo
+$4,621/mo- Down payment
- $85,195
- Funds due
- $103,376
- Interest + MI left
- $1,069,920
- First ends
- Oct 2042
New loan
New conventional
$6,017/mo
+$4,497/mo- Down payment
- $85,195
- Funds due
- $99,480
- Interest + MI left
- $1,159,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,804 | $119,804 | $764,804 |
| Second mortgage | — | $645,000 | — |
| First P&I | $821.96 | $821.96 | $5,295.35 |
| Second P&I | — | $4,620.86 | — |
| Mortgage insurance | $128.86 | $128.86 | $152.96 |
| Taxes, insurance & HOA | $569.08 | $569.08 | $569.08 |
| Total housing payment | $1,519.89 | $6,140.75 | $6,017.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,195
Closing costs & prepaids$18,181
Usable credit−$0
Total buyer cash needed$103,376
Earnest money paid−$0
Remaining funds due$103,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,499.99
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)$1,057.25
Prepaid interest, first (1 days)$11.65
Prepaid interest, second (1 days)$136.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing15 yr 11 moOf the original 30-year loan at 3.550%
Interest already paid$76,801Through Nov 2026
Assumption only · ends Oct 2042$51,411
Assumption + second · ends Oct 2042, second Dec 2056$1,069,920
New conventional · ends Dec 2056$1,159,877