Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,110/mo
Lowest payment- Down payment
- $756,701
- Funds due
- $773,800
- Interest + MI left
- $40,610
- First ends
- Mar 2053
Assumption
Assumption + second
$5,960/mo
+$4,850/mo- Down payment
- $79,701
- Funds due
- $98,338
- Interest + MI left
- $1,109,650
- First ends
- Mar 2053
New loan
New conventional
$5,927/mo
+$4,817/mo- Down payment
- $79,701
- Funds due
- $94,479
- Interest + MI left
- $1,075,558
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,299 | $32,299 | $709,299 |
| Second mortgage | — | $677,000 | — |
| First P&I | $220.74 | $220.74 | $4,911.04 |
| Second P&I | — | $4,850.11 | — |
| Mortgage insurance | $15.12 | $15.12 | $141.86 |
| Taxes, insurance & HOA | $874.17 | $874.17 | $874.17 |
| Total housing payment | $1,110.02 | $5,960.14 | $5,927.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,701
Closing costs & prepaids$18,637
Usable credit−$0
Total buyer cash needed$98,338
Earnest money paid−$0
Remaining funds due$98,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,890.00
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)$1,972.50
Prepaid interest, first (2 days)$12.11
Prepaid interest, second (2 days)$287.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing26 yr 4 moOf the original 28-year loan at 6.840%
Interest already paid$3,724Through Nov 2026
Assumption only · ends Mar 2053$40,610
Assumption + second · ends Mar 2053, second Dec 2056$1,109,650
New conventional · ends Dec 2056$1,075,558