Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,894/mo
Lowest payment- Down payment
- $974,856
- Funds due
- $995,507
- Interest + MI left
- $109,304
- First ends
- Dec 2050
Assumption
Assumption + second
$8,020/mo
+$6,125/mo- Down payment
- $119,856
- Funds due
- $142,846
- Interest + MI left
- $1,459,421
- First ends
- Dec 2050
New loan
New conventional
$8,156/mo
+$6,262/mo- Down payment
- $119,856
- Funds due
- $138,674
- Interest + MI left
- $1,564,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,144 | $215,144 | $1,070,144 |
| Second mortgage | — | $855,000 | — |
| First P&I | $1,024.58 | $1,024.58 | $7,249.53 |
| Second P&I | — | $6,125.32 | — |
| Mortgage insurance | $177.08 | $177.08 | $214.03 |
| Taxes, insurance & HOA | $692.67 | $692.67 | $692.67 |
| Total housing payment | $1,894.33 | $8,019.65 | $8,156.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$119,856
Closing costs & prepaids$22,991
Usable credit−$0
Total buyer cash needed$142,846
Earnest money paid−$0
Remaining funds due$142,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,900.00
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)$1,428.00
Prepaid interest, first (6 days)$98.32
Prepaid interest, second (6 days)$1,089.25
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 yrOf the original 30-year loan at 2.78%
Interest already paid$38,914Through Dec 2026
Assumption only · ends Dec 2050$109,304
Assumption + second · ends Dec 2050, second Jan 2057$1,459,421
New conventional · ends Jan 2057$1,564,728