Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,721/mo
Lowest payment- Down payment
- $594,925
- Funds due
- $611,777
- Interest + MI left
- $114,506
- First ends
- Mar 2041
Assumption
Assumption + second
$6,389/mo
+$3,668/mo- Down payment
- $82,925
- Funds due
- $101,788
- Interest + MI left
- $922,997
- First ends
- Mar 2041
New loan
New conventional
$5,779/mo
+$3,058/mo- Down payment
- $82,925
- Funds due
- $97,955
- Interest + MI left
- $1,084,890
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,975 | $229,975 | $741,975 |
| Second mortgage | — | $512,000 | — |
| First P&I | $1,866.53 | $1,866.53 | $5,026.40 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | $250.26 | $250.26 | $148.40 |
| Taxes, insurance & HOA | $604.67 | $604.67 | $604.67 |
| Total housing payment | $2,721.46 | $6,389.49 | $5,779.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,925
Closing costs & prepaids$18,863
Usable credit−$0
Total buyer cash needed$101,788
Earnest money paid−$0
Remaining funds due$101,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,249.00
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)$990.00
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$214.35
Prepaid interest, second (7 days)$760.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing14 yr 3 moOf the original 30-year loan at 4.86%
Interest already paid$229,440Through Dec 2026
Assumption only · ends Mar 2041$114,506
Assumption + second · ends Mar 2041, second Jan 2057$922,997
New conventional · ends Jan 2057$1,084,890