Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,397/mo
Lowest payment- Down payment
- $814,313
- Funds due
- $834,517
- Interest + MI left
- $137,682
- First ends
- Jul 2049
Assumption
Assumption + second
$7,548/mo
+$5,151/mo- Down payment
- $95,313
- Funds due
- $116,920
- Interest + MI left
- $1,273,044
- First ends
- Jul 2049
New loan
New conventional
$7,457/mo
+$5,060/mo- Down payment
- $95,313
- Funds due
- $112,913
- Interest + MI left
- $1,296,189
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,686 | $135,686 | $854,686 |
| Second mortgage | — | $719,000 | — |
| First P&I | $962.87 | $962.87 | $5,917.67 |
| Second P&I | — | $5,151.00 | — |
| Mortgage insurance | $65.75 | $65.75 | $170.94 |
| Taxes, insurance & HOA | $1,368.33 | $1,368.33 | $1,368.33 |
| Total housing payment | $2,396.94 | $7,547.95 | $7,456.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,313
Closing costs & prepaids$21,607
Usable credit−$0
Total buyer cash needed$116,920
Earnest money paid−$0
Remaining funds due$116,920
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,499.99
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)$2,375.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (1 days)$24.54
Prepaid interest, second (1 days)$152.66
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 closing22 yr 8 moOf the original 26-year loan at 6.600%
Interest already paid$30,757Through Nov 2026
Assumption only · ends Jul 2049$137,682
Assumption + second · ends Jul 2049, second Dec 2056$1,273,044
New conventional · ends Dec 2056$1,296,189