Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,294/mo
Lowest payment- Down payment
- $641,446
- Funds due
- $657,981
- Interest + MI left
- $49,614
- First ends
- Sep 2038
Assumption
Assumption + second
$6,298/mo
+$4,005/mo- Down payment
- $82,446
- Funds due
- $100,943
- Interest + MI left
- $932,322
- First ends
- Sep 2038
New loan
New conventional
$5,718/mo
+$3,425/mo- Down payment
- $82,446
- Funds due
- $97,151
- Interest + MI left
- $1,084,275
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,554 | $182,554 | $741,554 |
| Second mortgage | — | $559,000 | — |
| First P&I | $1,514.06 | $1,514.06 | $5,023.55 |
| Second P&I | — | $4,004.74 | — |
| Mortgage insurance | $233.26 | $233.26 | $148.31 |
| Taxes, insurance & HOA | $546.25 | $546.25 | $546.25 |
| Total housing payment | $2,293.57 | $6,298.31 | $5,718.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,446
Closing costs & prepaids$18,498
Usable credit−$0
Total buyer cash needed$100,943
Earnest money paid−$0
Remaining funds due$100,943
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,240.00
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)$988.75
Prepaid interest, first (6 days)$81.62
Prepaid interest, second (6 days)$712.15
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 closing11 yr 9 moOf the original 25-year loan at 2.72%
Interest already paid$93,986Through Dec 2026
Assumption only · ends Sep 2038$49,614
Assumption + second · ends Sep 2038, second Jan 2057$932,322
New conventional · ends Jan 2057$1,084,275