Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,262/mo
Lowest payment- Down payment
- $634,351
- Funds due
- $654,349
- Interest + MI left
- $776,054
- First ends
- Jul 2056
Assumption
Assumption + second
$7,945/mo
+$3,682/mo- Down payment
- $120,351
- Funds due
- $141,817
- Interest + MI left
- $1,587,703
- First ends
- Jul 2056
New loan
New conventional
$8,097/mo
+$3,835/mo- Down payment
- $120,351
- Funds due
- $137,581
- Interest + MI left
- $1,637,057
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $565,449 | $565,449 | $1,079,449 |
| Second mortgage | — | $514,000 | — |
| First P&I | $3,594.52 | $3,594.52 | $7,473.89 |
| Second P&I | — | $3,682.36 | — |
| Mortgage insurance | $260.11 | $260.11 | $215.89 |
| Taxes, insurance & HOA | $407.58 | $407.58 | $407.58 |
| Total housing payment | $4,262.21 | $7,944.57 | $8,097.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,351
Closing costs & prepaids$21,466
Usable credit−$0
Total buyer cash needed$141,817
Earnest money paid−$0
Remaining funds due$141,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,998.00
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)$572.75
Prepaid interest, first (2 days)$202.01
Prepaid interest, second (2 days)$218.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.520%
Interest already paid$12,317Through Nov 2026
Assumption only · ends Jul 2056$776,054
Assumption + second · ends Jul 2056, second Dec 2056$1,587,703
New conventional · ends Dec 2056$1,637,057