Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $736,054
- Funds due
- $753,852
- Interest + MI left
- $111,120
- First ends
- Jun 2063
Assumption
Assumption + second
$6,179/mo
+$4,700/mo- Down payment
- $80,054
- Funds due
- $99,241
- Interest + MI left
- $1,146,999
- First ends
- Jun 2063
New loan
New conventional
$6,195/mo
+$4,716/mo- Down payment
- $80,054
- Funds due
- $95,386
- Interest + MI left
- $1,090,330
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,946 | $62,946 | $718,946 |
| Second mortgage | — | $656,000 | — |
| First P&I | $376.06 | $376.06 | $4,977.84 |
| Second P&I | — | $4,699.66 | — |
| Mortgage insurance | $29.44 | $29.44 | $143.79 |
| Taxes, insurance & HOA | $1,073.83 | $1,073.83 | $1,073.83 |
| Total housing payment | $1,479.33 | $6,178.99 | $6,195.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,054
Closing costs & prepaids$19,187
Usable credit−$0
Total buyer cash needed$99,241
Earnest money paid−$0
Remaining funds due$99,241
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
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)$1,491.50
Initial HOA (3 months)$1,080.00
Prepaid interest, first (1 days)$11.21
Prepaid interest, second (1 days)$139.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing36 yr 7 moOf the original 40-year loan at 6.500%
Interest already paid$14,131Through Nov 2026
Assumption only · ends Jun 2063$111,120
Assumption + second · ends Jun 2063, second Dec 2056$1,146,999
New conventional · ends Dec 2056$1,090,330