Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,450/mo
Lowest payment- Down payment
- $801,097
- Funds due
- $823,006
- Interest + MI left
- $266,622
- First ends
- Aug 2051
Assumption
Assumption + second
$8,265/mo
+$4,814/mo- Down payment
- $129,097
- Funds due
- $153,112
- Interest + MI left
- $1,327,766
- First ends
- Aug 2051
New loan
New conventional
$8,829/mo
+$5,379/mo- Down payment
- $129,097
- Funds due
- $149,049
- Interest + MI left
- $1,697,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $488,903 | $488,903 | $1,160,903 |
| Second mortgage | — | $672,000 | — |
| First P&I | $2,324.30 | $2,324.30 | $7,864.36 |
| Second P&I | — | $4,814.29 | — |
| Mortgage insurance | $393.52 | $393.52 | $232.18 |
| Taxes, insurance & HOA | $732.67 | $732.67 | $732.67 |
| Total housing payment | $3,450.49 | $8,264.78 | $8,829.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,097
Closing costs & prepaids$24,015
Usable credit−$0
Total buyer cash needed$153,112
Earnest money paid−$0
Remaining funds due$153,112
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,900.00
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)$1,548.00
Prepaid interest, first (6 days)$236.28
Prepaid interest, second (6 days)$856.11
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 closing24 yr 8 moOf the original 30-year loan at 2.94%
Interest already paid$82,103Through Dec 2026
Assumption only · ends Aug 2051$266,622
Assumption + second · ends Aug 2051, second Jan 2057$1,327,766
New conventional · ends Jan 2057$1,697,432