Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,062/mo
Lowest payment- Down payment
- $750,000
- Funds due
- $765,932
- Interest + MI left
- $0
- First ends
- Jan 2024
Assumption
Assumption + second
$5,890/mo
+$4,829/mo- Down payment
- $76,000
- Funds due
- $93,325
- Interest + MI left
- $1,064,303
- First ends
- Jan 2024
New loan
New conventional
$5,420/mo
+$4,359/mo- Down payment
- $76,000
- Funds due
- $89,508
- Interest + MI left
- $1,022,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $674,000 |
| Second mortgage | — | $674,000 | — |
| First P&I | $400.21 | $400.21 | $4,666.64 |
| Second P&I | — | $4,828.62 | — |
| Mortgage insurance | $42.53 | $42.53 | $134.80 |
| Taxes, insurance & HOA | $618.92 | $618.92 | $618.92 |
| Total housing payment | $1,061.66 | $5,890.28 | $5,420.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,000
Closing costs & prepaids$17,325
Usable credit−$0
Total buyer cash needed$93,325
Earnest money paid−$0
Remaining funds due$93,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
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)$1,206.75
Prepaid interest, first (1 days)$0.00
Prepaid interest, second (1 days)$143.11
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 closing0 moOf the original 25-year loan at 6.360%
Interest already paid$60,015Through Jan 2024
Assumption only · ends Jan 2024$0
Assumption + second · ends Jan 2024, second Dec 2056$1,064,303
New conventional · ends Dec 2056$1,022,032