Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,427/mo
Lowest payment- Down payment
- $673,726
- Funds due
- $689,379
- Interest + MI left
- $18,873
- First ends
- Feb 2031
Assumption
Assumption + second
$6,711/mo
+$4,284/mo- Down payment
- $75,726
- Funds due
- $92,883
- Interest + MI left
- $963,165
- First ends
- Feb 2031
New loan
New conventional
$5,315/mo
+$2,888/mo- Down payment
- $75,726
- Funds due
- $89,063
- Interest + MI left
- $1,020,931
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,274 | $75,274 | $673,274 |
| Second mortgage | — | $598,000 | — |
| First P&I | $1,736.37 | $1,736.37 | $4,661.61 |
| Second P&I | — | $4,284.15 | — |
| Mortgage insurance | $172.01 | $172.01 | $134.65 |
| Taxes, insurance & HOA | $518.67 | $518.67 | $518.67 |
| Total housing payment | $2,427.05 | $6,711.19 | $5,314.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,726
Closing costs & prepaids$17,157
Usable credit−$0
Total buyer cash needed$92,883
Earnest money paid−$0
Remaining funds due$92,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
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)$897.25
Initial HOA (3 months)$8.76
Prepaid interest, first (2 days)$31.88
Prepaid interest, second (2 days)$253.95
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 closing4 yr 3 moOf the original 30-year loan at 7.730%
Interest already paid$368,973Through Nov 2026
Assumption only · ends Feb 2031$18,873
Assumption + second · ends Feb 2031, second Dec 2056$963,165
New conventional · ends Dec 2056$1,020,931