Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,664/mo
Lowest payment- Down payment
- $848,845
- Funds due
- $867,360
- Interest + MI left
- $79,145
- First ends
- May 2046
Assumption
Assumption + second
$7,022/mo
+$5,359/mo- Down payment
- $100,845
- Funds due
- $121,563
- Interest + MI left
- $1,260,300
- First ends
- May 2046
New loan
New conventional
$6,888/mo
+$5,224/mo- Down payment
- $100,845
- Funds due
- $117,523
- Interest + MI left
- $1,314,713
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,155 | $151,155 | $899,155 |
| Second mortgage | — | $748,000 | — |
| First P&I | $906.49 | $906.49 | $6,091.19 |
| Second P&I | — | $5,358.76 | — |
| Mortgage insurance | $140.36 | $140.36 | $179.83 |
| Taxes, insurance & HOA | $616.67 | $616.67 | $616.67 |
| Total housing payment | $1,663.52 | $7,022.28 | $6,887.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,845
Closing costs & prepaids$20,719
Usable credit−$0
Total buyer cash needed$121,563
Earnest money paid−$0
Remaining funds due$121,563
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,000.00
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)$1,200.00
Prepaid interest, first (6 days)$90.69
Prepaid interest, second (6 days)$952.93
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 closing19 yr 5 moOf the original 30-year loan at 3.65%
Interest already paid$68,122Through Dec 2026
Assumption only · ends May 2046$79,145
Assumption + second · ends May 2046, second Jan 2057$1,260,300
New conventional · ends Jan 2057$1,314,713