Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,125/mo
Lowest payment- Down payment
- $871,502
- Funds due
- $891,564
- Interest + MI left
- $118,438
- First ends
- Mar 2040
Assumption
Assumption + second
$8,562/mo
+$5,438/mo- Down payment
- $112,502
- Funds due
- $134,942
- Interest + MI left
- $1,316,962
- First ends
- Mar 2040
New loan
New conventional
$7,728/mo
+$4,603/mo- Down payment
- $112,502
- Funds due
- $130,796
- Interest + MI left
- $1,480,440
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,498 | $253,498 | $1,012,498 |
| Second mortgage | — | $759,000 | — |
| First P&I | $2,168.07 | $2,168.07 | $6,859.01 |
| Second P&I | — | $5,437.57 | — |
| Mortgage insurance | $290.02 | $290.02 | $202.50 |
| Taxes, insurance & HOA | $666.67 | $666.67 | $666.67 |
| Total housing payment | $3,124.76 | $8,562.33 | $7,728.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$112,502
Closing costs & prepaids$22,440
Usable credit−$0
Total buyer cash needed$134,942
Earnest money paid−$0
Remaining funds due$134,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,250.00
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)$1,350.00
Prepaid interest, first (7 days)$237.25
Prepaid interest, second (7 days)$1,128.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing13 yr 3 moOf the original 30-year loan at 4.88%
Interest already paid$279,833Through Dec 2026
Assumption only · ends Mar 2040$118,438
Assumption + second · ends Mar 2040, second Jan 2057$1,316,962
New conventional · ends Jan 2057$1,480,440