Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,547/mo
Lowest payment- Down payment
- $864,091
- Funds due
- $884,948
- Interest + MI left
- $186,193
- First ends
- Sep 2051
Assumption
Assumption + second
$7,877/mo
+$5,330/mo- Down payment
- $120,091
- Funds due
- $143,619
- Interest + MI left
- $1,361,032
- First ends
- Sep 2051
New loan
New conventional
$8,191/mo
+$5,645/mo- Down payment
- $120,091
- Funds due
- $139,602
- Interest + MI left
- $1,571,695
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,909 | $330,909 | $1,074,909 |
| Second mortgage | — | $744,000 | — |
| First P&I | $1,586.74 | $1,586.74 | $7,281.81 |
| Second P&I | — | $5,330.11 | — |
| Mortgage insurance | $265.23 | $265.23 | $214.98 |
| Taxes, insurance & HOA | $694.67 | $694.67 | $694.67 |
| Total housing payment | $2,546.64 | $7,876.75 | $8,191.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,091
Closing costs & prepaids$23,529
Usable credit−$0
Total buyer cash needed$143,619
Earnest money paid−$0
Remaining funds due$143,619
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,950.00
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)$1,434.00
Prepaid interest, first (9 days)$248.05
Prepaid interest, second (9 days)$1,421.75
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 3.04%
Interest already paid$56,434Through Dec 2026
Assumption only · ends Sep 2051$186,193
Assumption + second · ends Sep 2051, second Jan 2057$1,361,032
New conventional · ends Jan 2057$1,571,695