Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$57,564/mo
+$50,701/mo- Down payment
- $862,622
- Funds due
- $880,826
- Interest + MI left
- $1,524
- First ends
- Jan 2027
Assumption
Assumption + second
$63,044/mo
+$56,181/mo- Down payment
- $97,622
- Funds due
- $117,401
- Interest + MI left
- $1,209,523
- First ends
- Jan 2027
New loan
New conventional
$6,863/mo
Lowest payment- Down payment
- $97,622
- Funds due
- $113,365
- Interest + MI left
- $1,330,603
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,378 | $112,378 | $877,378 |
| Second mortgage | — | $765,000 | — |
| First P&I | $56,650.15 | $56,650.15 | $6,074.79 |
| Second P&I | — | $5,480.55 | — |
| Mortgage insurance | $300.78 | $300.78 | $175.48 |
| Taxes, insurance & HOA | $612.83 | $612.83 | $612.83 |
| Total housing payment | $57,563.76 | $63,044.32 | $6,863.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,622
Closing costs & prepaids$19,779
Usable credit−$0
Total buyer cash needed$117,401
Earnest money paid−$0
Remaining funds due$117,401
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)$1,188.50
Prepaid interest, first (2 days)$40.39
Prepaid interest, second (2 days)$324.86
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 closing2 moOf the original 1-year loan at 6.560%
Interest already paid$22,629Through Nov 2026
Assumption only · ends Jan 2027$1,524
Assumption + second · ends Jan 2027, second Dec 2056$1,209,523
New conventional · ends Dec 2056$1,330,603