Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$57,558/mo
+$50,832/mo- Down payment
- $918,658
- Funds due
- $936,894
- Interest + MI left
- $609
- First ends
- Jan 2027
Assumption
Assumption + second
$63,439/mo
+$56,714/mo- Down payment
- $97,658
- Funds due
- $118,713
- Interest + MI left
- $1,297,037
- First ends
- Jan 2027
New loan
New conventional
$6,726/mo
Lowest payment- Down payment
- $97,658
- Funds due
- $114,580
- Interest + MI left
- $1,282,819
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,342 | $56,342 | $877,342 |
| Second mortgage | — | $821,000 | — |
| First P&I | $56,650.15 | $56,650.15 | $5,943.42 |
| Second P&I | — | $5,881.74 | — |
| Mortgage insurance | $300.78 | $300.78 | $175.47 |
| Taxes, insurance & HOA | $606.67 | $606.67 | $606.67 |
| Total housing payment | $57,557.60 | $63,439.34 | $6,725.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,658
Closing costs & prepaids$21,055
Usable credit−$0
Total buyer cash needed$118,713
Earnest money paid−$0
Remaining funds due$118,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,750.00
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)$1,170.00
Prepaid interest, first (9 days)$91.14
Prepaid interest, second (9 days)$1,568.90
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 closing1 moOf the original 1-year loan at 6.56%
Interest already paid$23,244Through Dec 2026
Assumption only · ends Jan 2027$609
Assumption + second · ends Jan 2027, second Jan 2057$1,297,037
New conventional · ends Jan 2057$1,282,819