Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,724/mo
Lowest payment- Down payment
- $624,639
- Funds due
- $639,027
- Interest + MI left
- $18,402
- First ends
- Sep 2032
Assumption
Assumption + second
$5,700/mo
+$3,976/mo- Down payment
- $69,639
- Funds due
- $85,512
- Interest + MI left
- $894,794
- First ends
- Sep 2032
New loan
New conventional
$4,910/mo
+$3,186/mo- Down payment
- $69,639
- Funds due
- $81,758
- Interest + MI left
- $938,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,861 | $63,861 | $618,861 |
| Second mortgage | — | $555,000 | — |
| First P&I | $1,099.81 | $1,099.81 | $4,284.87 |
| Second P&I | — | $3,976.09 | — |
| Mortgage insurance | $122.74 | $122.74 | $123.77 |
| Taxes, insurance & HOA | $501.50 | $501.50 | $501.50 |
| Total housing payment | $1,724.05 | $5,700.14 | $4,910.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,639
Closing costs & prepaids$15,873
Usable credit−$0
Total buyer cash needed$85,512
Earnest money paid−$0
Remaining funds due$85,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,885.00
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)$1,004.50
Prepaid interest, first (2 days)$22.88
Prepaid interest, second (2 days)$235.68
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 10 moOf the original 30-year loan at 6.540%
Interest already paid$209,526Through Nov 2026
Assumption only · ends Sep 2032$18,402
Assumption + second · ends Sep 2032, second Dec 2056$894,794
New conventional · ends Dec 2056$938,421