Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,078/mo
Lowest payment- Down payment
- $229,049
- Funds due
- $245,509
- Interest + MI left
- $700,767
- First ends
- Mar 2056
Assumption
Assumption + second
$5,208/mo
+$1,130/mo- Down payment
- $75,049
- Funds due
- $93,062
- Interest + MI left
- $953,566
- First ends
- Mar 2056
New loan
New conventional
$5,224/mo
+$1,146/mo- Down payment
- $75,049
- Funds due
- $89,318
- Interest + MI left
- $986,875
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $520,941 | $520,941 | $674,941 |
| Second mortgage | — | $154,000 | — |
| First P&I | $3,320.31 | $3,320.31 | $4,572.29 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $240.77 | $240.77 | $134.99 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $4,077.74 | $5,207.74 | $5,223.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,049
Closing costs & prepaids$18,014
Usable credit−$0
Total buyer cash needed$93,062
Earnest money paid−$0
Remaining funds due$93,062
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,499.90
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)$900.00
Prepaid interest, first (9 days)$834.93
Prepaid interest, second (9 days)$303.78
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 closing29 yr 3 moOf the original 30-year loan at 6.5%
Interest already paid$25,515Through Dec 2026
Assumption only · ends Mar 2056$700,767
Assumption + second · ends Mar 2056, second Jan 2057$953,566
New conventional · ends Jan 2057$986,875