Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,807/mo
Lowest payment- Down payment
- $617,981
- Funds due
- $635,619
- Interest + MI left
- $13,169
- First ends
- Mar 2033
Assumption
Assumption + second
$6,732/mo
+$3,926/mo- Down payment
- $69,981
- Funds due
- $89,567
- Interest + MI left
- $878,507
- First ends
- Mar 2033
New loan
New conventional
$5,917/mo
+$3,110/mo- Down payment
- $69,981
- Funds due
- $85,816
- Interest + MI left
- $913,881
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,019 | $77,019 | $625,019 |
| Second mortgage | — | $548,000 | — |
| First P&I | $1,134.39 | $1,134.39 | $4,234.10 |
| Second P&I | — | $3,925.94 | — |
| Mortgage insurance | $114.75 | $114.75 | $125.00 |
| Taxes, insurance & HOA | $1,557.42 | $1,557.42 | $1,557.42 |
| Total housing payment | $2,806.56 | $6,732.50 | $5,916.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,981
Closing costs & prepaids$19,586
Usable credit−$0
Total buyer cash needed$89,567
Earnest money paid−$0
Remaining funds due$89,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,950.00
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)$1,772.25
Initial HOA (3 months)$2,400.00
Prepaid interest, first (6 days)$40.51
Prepaid interest, second (6 days)$698.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing6 yr 3 moOf the original 15-year loan at 3.2%
Interest already paid$34,130Through Dec 2026
Assumption only · ends Mar 2033$13,169
Assumption + second · ends Mar 2033, second Jan 2057$878,507
New conventional · ends Jan 2057$913,881