Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,040/mo
Lowest payment- Down payment
- $744,763
- Funds due
- $763,188
- Interest + MI left
- $84,279
- First ends
- Jan 2046
Assumption
Assumption + second
$6,725/mo
+$4,685/mo- Down payment
- $90,763
- Funds due
- $110,715
- Interest + MI left
- $1,117,000
- First ends
- Jan 2046
New loan
New conventional
$6,703/mo
+$4,664/mo- Down payment
- $90,763
- Funds due
- $106,775
- Interest + MI left
- $1,227,111
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,137 | $155,137 | $809,137 |
| Second mortgage | — | $654,000 | — |
| First P&I | $956.35 | $956.35 | $5,602.30 |
| Second P&I | — | $4,685.34 | — |
| Mortgage insurance | $144.15 | $144.15 | $161.83 |
| Taxes, insurance & HOA | $939.17 | $939.17 | $939.17 |
| Total housing payment | $2,039.66 | $6,725.00 | $6,703.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,763
Closing costs & prepaids$19,952
Usable credit−$0
Total buyer cash needed$110,715
Earnest money paid−$0
Remaining funds due$110,715
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,999.00
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)$2,052.00
Initial HOA (3 months)$115.50
Prepaid interest, first (2 days)$32.90
Prepaid interest, second (2 days)$277.73
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 closing19 yr 2 moOf the original 30-year loan at 3.870%
Interest already paid$75,962Through Nov 2026
Assumption only · ends Jan 2046$84,279
Assumption + second · ends Jan 2046, second Dec 2056$1,117,000
New conventional · ends Dec 2056$1,227,111