Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,495/mo
Lowest payment- Down payment
- $764,471
- Funds due
- $784,203
- Interest + MI left
- $182,878
- First ends
- Sep 2051
Assumption
Assumption + second
$7,180/mo
+$4,685/mo- Down payment
- $110,471
- Funds due
- $132,702
- Interest + MI left
- $1,215,599
- First ends
- Sep 2051
New loan
New conventional
$7,521/mo
+$5,027/mo- Down payment
- $110,471
- Funds due
- $128,798
- Interest + MI left
- $1,439,544
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,529 | $330,529 | $984,529 |
| Second mortgage | — | $654,000 | — |
| First P&I | $1,574.62 | $1,574.62 | $6,669.54 |
| Second P&I | — | $4,685.34 | — |
| Mortgage insurance | $265.23 | $265.23 | $196.91 |
| Taxes, insurance & HOA | $654.67 | $654.67 | $654.67 |
| Total housing payment | $2,494.51 | $7,179.85 | $7,521.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,471
Closing costs & prepaids$22,232
Usable credit−$0
Total buyer cash needed$132,702
Earnest money paid−$0
Remaining funds due$132,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,950.00
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)$1,314.00
Prepaid interest, first (9 days)$242.87
Prepaid interest, second (9 days)$1,249.77
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 closing24 yr 9 moOf the original 30-year loan at 2.98%
Interest already paid$55,290Through Dec 2026
Assumption only · ends Sep 2051$182,878
Assumption + second · ends Sep 2051, second Jan 2057$1,215,599
New conventional · ends Jan 2057$1,439,544