Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,807/mo
Lowest payment- Down payment
- $581,710
- Funds due
- $596,129
- Interest + MI left
- $14,068
- First ends
- Jan 2032
Assumption
Assumption + second
$5,518/mo
+$3,711/mo- Down payment
- $63,710
- Funds due
- $79,599
- Interest + MI left
- $832,034
- First ends
- Jan 2032
New loan
New conventional
$4,758/mo
+$2,951/mo- Down payment
- $63,710
- Funds due
- $75,904
- Interest + MI left
- $864,883
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,290 | $52,290 | $570,290 |
| Second mortgage | — | $518,000 | — |
| First P&I | $1,002.57 | $1,002.57 | $3,948.57 |
| Second P&I | — | $3,711.02 | — |
| Mortgage insurance | $108.93 | $108.93 | $114.06 |
| Taxes, insurance & HOA | $695.00 | $695.00 | $695.00 |
| Total housing payment | $1,806.50 | $5,517.52 | $4,757.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,710
Closing costs & prepaids$15,889
Usable credit−$0
Total buyer cash needed$79,599
Earnest money paid−$0
Remaining funds due$79,599
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,340.00
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)$1,585.00
Prepaid interest, first (2 days)$19.48
Prepaid interest, second (2 days)$219.97
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 closing5 yr 2 moOf the original 30-year loan at 6.800%
Interest already paid$197,270Through Nov 2026
Assumption only · ends Jan 2032$14,068
Assumption + second · ends Jan 2032, second Dec 2056$832,034
New conventional · ends Dec 2056$864,883