Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,901/mo
Lowest payment- Down payment
- $603,665
- Funds due
- $620,524
- Interest + MI left
- $132,099
- First ends
- Dec 2051
Assumption
Assumption + second
$5,612/mo
+$3,711/mo- Down payment
- $85,665
- Funds due
- $104,434
- Interest + MI left
- $950,065
- First ends
- Dec 2051
New loan
New conventional
$5,887/mo
+$3,986/mo- Down payment
- $85,665
- Funds due
- $100,654
- Interest + MI left
- $1,117,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,235 | $246,235 | $764,235 |
| Second mortgage | — | $518,000 | — |
| First P&I | $1,147.29 | $1,147.29 | $5,177.19 |
| Second P&I | — | $3,711.02 | — |
| Mortgage insurance | $196.76 | $196.76 | $152.85 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $1,900.71 | $5,611.73 | $5,886.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,665
Closing costs & prepaids$18,769
Usable credit−$0
Total buyer cash needed$104,434
Earnest money paid−$0
Remaining funds due$104,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,499.00
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)$1,020.00
Prepaid interest, first (6 days)$114.95
Prepaid interest, second (6 days)$659.92
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 closing25 yrOf the original 30-year loan at 2.84%
Interest already paid$37,295Through Dec 2026
Assumption only · ends Dec 2051$132,099
Assumption + second · ends Dec 2051, second Jan 2057$950,065
New conventional · ends Jan 2057$1,117,438