Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
Lowest payment- Down payment
- $963,512
- Funds due
- $987,804
- Interest + MI left
- $300,186
- First ends
- Sep 2051
Assumption
Assumption + second
$9,638/mo
+$5,824/mo- Down payment
- $150,512
- Funds due
- $177,089
- Interest + MI left
- $1,583,982
- First ends
- Sep 2051
New loan
New conventional
$10,228/mo
+$6,415/mo- Down payment
- $150,512
- Funds due
- $172,825
- Interest + MI left
- $1,973,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $536,488 | $536,488 | $1,349,488 |
| Second mortgage | — | $813,000 | — |
| First P&I | $2,566.93 | $2,566.93 | $9,141.90 |
| Second P&I | — | $5,824.43 | — |
| Mortgage insurance | $430.17 | $430.17 | $269.90 |
| Taxes, insurance & HOA | $816.67 | $816.67 | $816.67 |
| Total housing payment | $3,813.76 | $9,638.20 | $10,228.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,512
Closing costs & prepaids$26,577
Usable credit−$0
Total buyer cash needed$177,089
Earnest money paid−$0
Remaining funds due$177,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$15,000.00
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)$1,800.00
Prepaid interest, first (6 days)$266.33
Prepaid interest, second (6 days)$1,035.74
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$90,910Through Dec 2026
Assumption only · ends Sep 2051$300,186
Assumption + second · ends Sep 2051, second Jan 2057$1,583,982
New conventional · ends Jan 2057$1,973,175