Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,524/mo
Lowest payment- Down payment
- $729,948
- Funds due
- $746,754
- Interest + MI left
- $51,956
- First ends
- Oct 2042
Assumption
Assumption + second
$6,138/mo
+$4,614/mo- Down payment
- $85,948
- Funds due
- $104,278
- Interest + MI left
- $1,068,886
- First ends
- Oct 2042
New loan
New conventional
$6,012/mo
+$4,488/mo- Down payment
- $85,948
- Funds due
- $100,381
- Interest + MI left
- $1,158,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,051 | $120,051 | $764,051 |
| Second mortgage | — | $644,000 | — |
| First P&I | $826.04 | $826.04 | $5,290.13 |
| Second P&I | — | $4,613.69 | — |
| Mortgage insurance | $128.86 | $128.86 | $152.81 |
| Taxes, insurance & HOA | $569.08 | $569.08 | $569.08 |
| Total housing payment | $1,523.98 | $6,137.67 | $6,012.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,948
Closing costs & prepaids$18,329
Usable credit−$0
Total buyer cash needed$104,278
Earnest money paid−$0
Remaining funds due$104,278
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 (2 days)$23.62
Prepaid interest, second (2 days)$273.48
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 closing15 yr 11 moOf the original 30-year loan at 3.590%
Interest already paid$77,738Through Nov 2026
Assumption only · ends Oct 2042$51,956
Assumption + second · ends Oct 2042, second Dec 2056$1,068,886
New conventional · ends Dec 2056$1,158,582