Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,034/mo
Lowest payment- Down payment
- $778,040
- Funds due
- $794,899
- Interest + MI left
- $25,274
- First ends
- Jul 2044
Assumption
Assumption + second
$6,013/mo
+$4,979/mo- Down payment
- $83,040
- Funds due
- $101,297
- Interest + MI left
- $1,122,737
- First ends
- Jul 2044
New loan
New conventional
$5,958/mo
+$4,924/mo- Down payment
- $83,040
- Funds due
- $97,414
- Interest + MI left
- $1,123,716
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,960 | $45,960 | $740,960 |
| Second mortgage | — | $695,000 | — |
| First P&I | $309.83 | $309.83 | $5,130.26 |
| Second P&I | — | $4,979.07 | — |
| Mortgage insurance | $44.35 | $44.35 | $148.19 |
| Taxes, insurance & HOA | $679.58 | $679.58 | $679.58 |
| Total housing payment | $1,033.77 | $6,012.83 | $5,958.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,040
Closing costs & prepaids$18,257
Usable credit−$0
Total buyer cash needed$101,297
Earnest money paid−$0
Remaining funds due$101,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,240.00
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)$959.75
Initial HOA (3 months)$429.00
Prepaid interest, first (1 days)$5.41
Prepaid interest, second (1 days)$147.57
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 closing17 yr 8 moOf the original 30-year loan at 4.300%
Interest already paid$29,206Through Nov 2026
Assumption only · ends Jul 2044$25,274
Assumption + second · ends Jul 2044, second Dec 2056$1,122,737
New conventional · ends Dec 2056$1,123,716