Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $557,244
- Funds due
- $572,308
- Interest + MI left
- $62,961
- First ends
- Apr 2041
Assumption
Assumption + second
$5,389/mo
+$3,496/mo- Down payment
- $69,244
- Funds due
- $85,765
- Interest + MI left
- $833,554
- First ends
- Apr 2041
New loan
New conventional
$5,120/mo
+$3,227/mo- Down payment
- $69,244
- Funds due
- $82,032
- Interest + MI left
- $932,954
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,256 | $127,256 | $615,256 |
| Second mortgage | — | $488,000 | — |
| First P&I | $1,018.02 | $1,018.02 | $4,259.91 |
| Second P&I | — | $3,496.09 | — |
| Mortgage insurance | $138.08 | $138.08 | $123.05 |
| Taxes, insurance & HOA | $737.08 | $737.08 | $737.08 |
| Total housing payment | $1,893.18 | $5,389.27 | $5,120.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,244
Closing costs & prepaids$16,522
Usable credit−$0
Total buyer cash needed$85,765
Earnest money paid−$0
Remaining funds due$85,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,845.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,711.25
Prepaid interest, first (2 days)$33.19
Prepaid interest, second (2 days)$207.23
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 closing14 yr 5 moOf the original 30-year loan at 4.760%
Interest already paid$122,697Through Nov 2026
Assumption only · ends Apr 2041$62,961
Assumption + second · ends Apr 2041, second Dec 2056$833,554
New conventional · ends Dec 2056$932,954