Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $579,345
- Funds due
- $592,897
- Interest + MI left
- $11,974
- First ends
- Nov 2031
Assumption
Assumption + second
$5,125/mo
+$3,697/mo- Down payment
- $63,345
- Funds due
- $79,133
- Interest + MI left
- $826,781
- First ends
- Nov 2031
New loan
New conventional
$4,333/mo
+$2,905/mo- Down payment
- $63,345
- Funds due
- $75,380
- Interest + MI left
- $821,086
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,555 | $45,555 | $561,555 |
| Second mortgage | — | $516,000 | — |
| First P&I | $913.75 | $913.75 | $3,804.17 |
| Second P&I | — | $3,696.69 | — |
| Mortgage insurance | $97.78 | $97.78 | $112.31 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $1,428.20 | $5,124.89 | $4,333.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,345
Closing costs & prepaids$15,788
Usable credit−$0
Total buyer cash needed$79,133
Earnest money paid−$0
Remaining funds due$79,133
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.00
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)$750.00
Prepaid interest, first (9 days)$78.07
Prepaid interest, second (9 days)$986.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing4 yr 11 moOf the original 30-year loan at 6.95%
Interest already paid$182,555Through Dec 2026
Assumption only · ends Nov 2031$11,974
Assumption + second · ends Nov 2031, second Jan 2057$826,781
New conventional · ends Jan 2057$821,086