Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,970/mo
Lowest payment- Down payment
- $590,253
- Funds due
- $604,294
- Interest + MI left
- $18,380
- First ends
- Dec 2031
Assumption
Assumption + second
$5,724/mo
+$3,754/mo- Down payment
- $66,253
- Funds due
- $81,655
- Interest + MI left
- $845,820
- First ends
- Dec 2031
New loan
New conventional
$4,710/mo
+$2,740/mo- Down payment
- $66,253
- Funds due
- $77,939
- Interest + MI left
- $898,941
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,747 | $68,747 | $592,747 |
| Second mortgage | — | $524,000 | — |
| First P&I | $1,338.09 | $1,338.09 | $4,104.06 |
| Second P&I | — | $3,754.00 | — |
| Mortgage insurance | $144.50 | $144.50 | $118.55 |
| Taxes, insurance & HOA | $487.83 | $487.83 | $487.83 |
| Total housing payment | $1,970.42 | $5,724.42 | $4,710.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,253
Closing costs & prepaids$15,403
Usable credit−$0
Total buyer cash needed$81,655
Earnest money paid−$0
Remaining funds due$81,655
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,590.00
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)$887.00
Initial HOA (3 months)$76.50
Prepaid interest, first (1 days)$12.92
Prepaid interest, second (1 days)$111.26
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 closing5 yr 1 moOf the original 30-year loan at 6.860%
Interest already paid$264,836Through Nov 2026
Assumption only · ends Dec 2031$18,380
Assumption + second · ends Dec 2031, second Dec 2056$845,820
New conventional · ends Dec 2056$898,941