Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,122/mo
Lowest payment- Down payment
- $558,014
- Funds due
- $573,461
- Interest + MI left
- $13,429
- First ends
- Jul 2033
Assumption
Assumption + second
$5,669/mo
+$3,546/mo- Down payment
- $63,014
- Funds due
- $79,922
- Interest + MI left
- $795,075
- First ends
- Jul 2033
New loan
New conventional
$5,073/mo
+$2,951/mo- Down payment
- $63,014
- Funds due
- $76,246
- Interest + MI left
- $852,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,986 | $66,986 | $561,986 |
| Second mortgage | — | $495,000 | — |
| First P&I | $936.98 | $936.98 | $3,891.08 |
| Second P&I | — | $3,546.24 | — |
| Mortgage insurance | $115.46 | $115.46 | $112.40 |
| Taxes, insurance & HOA | $1,069.83 | $1,069.83 | $1,069.83 |
| Total housing payment | $2,122.27 | $5,668.51 | $5,073.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,014
Closing costs & prepaids$16,907
Usable credit−$0
Total buyer cash needed$79,922
Earnest money paid−$0
Remaining funds due$79,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$2,709.50
Prepaid interest, first (2 days)$12.48
Prepaid interest, second (2 days)$210.21
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 closing6 yr 8 moOf the original 20-year loan at 3.400%
Interest already paid$53,902Through Nov 2026
Assumption only · ends Jul 2033$13,429
Assumption + second · ends Jul 2033, second Dec 2056$795,075
New conventional · ends Dec 2056$852,290