Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $605,121
- Funds due
- $621,418
- Interest + MI left
- $58,026
- First ends
- May 2040
Assumption
Assumption + second
$5,795/mo
+$3,811/mo- Down payment
- $73,121
- Funds due
- $90,894
- Interest + MI left
- $898,099
- First ends
- May 2040
New loan
New conventional
$5,476/mo
+$3,492/mo- Down payment
- $73,121
- Funds due
- $87,120
- Interest + MI left
- $996,050
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,779 | $124,779 | $656,779 |
| Second mortgage | — | $532,000 | — |
| First P&I | $1,044.89 | $1,044.89 | $4,547.41 |
| Second P&I | — | $3,811.31 | — |
| Mortgage insurance | $141.88 | $141.88 | $131.36 |
| Taxes, insurance & HOA | $796.75 | $796.75 | $796.75 |
| Total housing payment | $1,983.52 | $5,794.83 | $5,475.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,121
Closing costs & prepaids$17,773
Usable credit−$0
Total buyer cash needed$90,894
Earnest money paid−$0
Remaining funds due$90,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,299.00
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)$1,740.25
Prepaid interest, first (2 days)$32.48
Prepaid interest, second (2 days)$225.92
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 closing13 yr 6 moOf the original 30-year loan at 4.750%
Interest already paid$131,361Through Nov 2026
Assumption only · ends May 2040$58,026
Assumption + second · ends May 2040, second Dec 2056$898,099
New conventional · ends Dec 2056$996,050