Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,295/mo
Lowest payment- Down payment
- $578,699
- Funds due
- $591,782
- Interest + MI left
- $12,306
- First ends
- Nov 2031
Assumption
Assumption + second
$4,992/mo
+$3,697/mo- Down payment
- $62,699
- Funds due
- $77,141
- Interest + MI left
- $827,114
- First ends
- Nov 2031
New loan
New conventional
$4,288/mo
+$2,993/mo- Down payment
- $62,699
- Funds due
- $73,460
- Interest + MI left
- $852,616
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,201 | $46,201 | $562,201 |
| Second mortgage | — | $516,000 | — |
| First P&I | $913.75 | $913.75 | $3,892.57 |
| Second P&I | — | $3,696.69 | — |
| Mortgage insurance | $97.78 | $97.78 | $112.44 |
| Taxes, insurance & HOA | $283.42 | $283.42 | $283.42 |
| Total housing payment | $1,294.95 | $4,991.64 | $4,288.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,699
Closing costs & prepaids$14,443
Usable credit−$0
Total buyer cash needed$77,141
Earnest money paid−$0
Remaining funds due$77,141
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)$350.25
Prepaid interest, first (1 days)$8.80
Prepaid interest, second (1 days)$109.56
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 closing5 yrOf the original 30-year loan at 6.950%
Interest already paid$182,287Through Nov 2026
Assumption only · ends Nov 2031$12,306
Assumption + second · ends Nov 2031, second Dec 2056$827,114
New conventional · ends Dec 2056$852,616