Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,930/mo
Lowest payment- Down payment
- $719,270
- Funds due
- $739,019
- Interest + MI left
- $227,533
- First ends
- Jul 2050
Assumption
Assumption + second
$7,293/mo
+$4,363/mo- Down payment
- $110,270
- Funds due
- $132,045
- Interest + MI left
- $1,189,196
- First ends
- Jul 2050
New loan
New conventional
$7,552/mo
+$4,622/mo- Down payment
- $110,270
- Funds due
- $128,068
- Interest + MI left
- $1,445,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,730 | $379,730 | $988,730 |
| Second mortgage | — | $609,000 | — |
| First P&I | $1,962.71 | $1,962.71 | $6,698.00 |
| Second P&I | — | $4,362.95 | — |
| Mortgage insurance | $311.53 | $311.53 | $197.75 |
| Taxes, insurance & HOA | $656.25 | $656.25 | $656.25 |
| Total housing payment | $2,930.49 | $7,293.44 | $7,552.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,270
Closing costs & prepaids$21,775
Usable credit−$0
Total buyer cash needed$132,045
Earnest money paid−$0
Remaining funds due$132,045
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,990.00
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)$1,318.75
Prepaid interest, first (6 days)$215.35
Prepaid interest, second (6 days)$775.85
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 closing23 yr 7 moOf the original 30-year loan at 3.45%
Interest already paid$91,044Through Dec 2026
Assumption only · ends Jul 2050$227,533
Assumption + second · ends Jul 2050, second Jan 2057$1,189,196
New conventional · ends Jan 2057$1,445,687