Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,471/mo
Lowest payment- Down payment
- $763,233
- Funds due
- $780,958
- Interest + MI left
- $78,650
- First ends
- Jan 2052
Assumption
Assumption + second
$6,293/mo
+$4,821/mo- Down payment
- $90,233
- Funds due
- $109,351
- Interest + MI left
- $1,141,374
- First ends
- Jan 2052
New loan
New conventional
$6,480/mo
+$5,009/mo- Down payment
- $90,233
- Funds due
- $105,409
- Interest + MI left
- $1,227,611
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,467 | $136,467 | $809,467 |
| Second mortgage | — | $673,000 | — |
| First P&I | $649.25 | $649.25 | $5,604.59 |
| Second P&I | — | $4,821.45 | — |
| Mortgage insurance | $108.11 | $108.11 | $161.89 |
| Taxes, insurance & HOA | $714.00 | $714.00 | $714.00 |
| Total housing payment | $1,471.36 | $6,292.81 | $6,480.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,233
Closing costs & prepaids$19,118
Usable credit−$0
Total buyer cash needed$109,351
Earnest money paid−$0
Remaining funds due$109,351
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,997.00
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)$1,099.00
Initial HOA (3 months)$393.00
Prepaid interest, first (1 days)$11.48
Prepaid interest, second (1 days)$142.90
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 closing25 yr 2 moOf the original 30-year loan at 3.070%
Interest already paid$21,498Through Nov 2026
Assumption only · ends Jan 2052$78,650
Assumption + second · ends Jan 2052, second Dec 2056$1,141,374
New conventional · ends Dec 2056$1,227,611