Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,589/mo
Lowest payment- Down payment
- $703,620
- Funds due
- $719,932
- Interest + MI left
- $62,719
- First ends
- Jul 2041
Assumption
Assumption + second
$6,038/mo
+$4,449/mo- Down payment
- $82,620
- Funds due
- $100,314
- Interest + MI left
- $1,043,330
- First ends
- Jul 2041
New loan
New conventional
$5,779/mo
+$4,190/mo- Down payment
- $82,620
- Funds due
- $96,441
- Interest + MI left
- $1,125,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,380 | $121,380 | $742,380 |
| Second mortgage | — | $621,000 | — |
| First P&I | $969.51 | $969.51 | $5,140.09 |
| Second P&I | — | $4,448.92 | — |
| Mortgage insurance | $129.10 | $129.10 | $148.48 |
| Taxes, insurance & HOA | $490.42 | $490.42 | $490.42 |
| Total housing payment | $1,589.03 | $6,037.95 | $5,778.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,620
Closing costs & prepaids$17,694
Usable credit−$0
Total buyer cash needed$100,314
Earnest money paid−$0
Remaining funds due$100,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
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)$821.25
Prepaid interest, first (1 days)$16.36
Prepaid interest, second (1 days)$131.86
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 closing14 yr 8 moOf the original 30-year loan at 4.920%
Interest already paid$117,512Through Nov 2026
Assumption only · ends Jul 2041$62,719
Assumption + second · ends Jul 2041, second Dec 2056$1,043,330
New conventional · ends Dec 2056$1,125,869