Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,335/mo
Lowest payment- Down payment
- $906,130
- Funds due
- $928,191
- Interest + MI left
- $272,543
- First ends
- Jun 2049
Assumption
Assumption + second
$8,894/mo
+$5,559/mo- Down payment
- $130,130
- Funds due
- $154,429
- Interest + MI left
- $1,497,912
- First ends
- Jun 2049
New loan
New conventional
$8,895/mo
+$5,560/mo- Down payment
- $130,130
- Funds due
- $150,193
- Interest + MI left
- $1,710,397
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,770 | $393,770 | $1,169,770 |
| Second mortgage | — | $776,000 | — |
| First P&I | $2,271.88 | $2,271.88 | $7,924.43 |
| Second P&I | — | $5,559.36 | — |
| Mortgage insurance | $326.35 | $326.35 | $233.95 |
| Taxes, insurance & HOA | $736.67 | $736.67 | $736.67 |
| Total housing payment | $3,334.90 | $8,894.25 | $8,895.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,130
Closing costs & prepaids$24,299
Usable credit−$0
Total buyer cash needed$154,429
Earnest money paid−$0
Remaining funds due$154,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,999.00
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)$1,560.00
Prepaid interest, first (6 days)$276.39
Prepaid interest, second (6 days)$988.60
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 closing22 yr 6 moOf the original 30-year loan at 4.27%
Interest already paid$137,515Through Dec 2026
Assumption only · ends Jun 2049$272,543
Assumption + second · ends Jun 2049, second Jan 2057$1,497,912
New conventional · ends Jan 2057$1,710,397