Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $1,060,906
- Funds due
- $1,082,519
- Interest + MI left
- $120,655
- First ends
- Jun 2051
Assumption
Assumption + second
$8,622/mo
+$6,684/mo- Down payment
- $127,906
- Funds due
- $151,958
- Interest + MI left
- $1,593,940
- First ends
- Jun 2051
New loan
New conventional
$8,727/mo
+$6,790/mo- Down payment
- $127,906
- Funds due
- $147,686
- Interest + MI left
- $1,677,241
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,094 | $214,094 | $1,147,094 |
| Second mortgage | — | $933,000 | — |
| First P&I | $1,038.09 | $1,038.09 | $7,770.81 |
| Second P&I | — | $6,684.13 | — |
| Mortgage insurance | $172.64 | $172.64 | $229.42 |
| Taxes, insurance & HOA | $726.67 | $726.67 | $726.67 |
| Total housing payment | $1,937.39 | $8,621.52 | $8,726.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$127,906
Closing costs & prepaids$24,052
Usable credit−$0
Total buyer cash needed$151,958
Earnest money paid−$0
Remaining funds due$151,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,750.00
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)$1,530.00
Prepaid interest, first (6 days)$108.40
Prepaid interest, second (6 days)$1,188.62
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 6 moOf the original 30-year loan at 3.08%
Interest already paid$38,886Through Dec 2026
Assumption only · ends Jun 2051$120,655
Assumption + second · ends Jun 2051, second Jan 2057$1,593,940
New conventional · ends Jan 2057$1,677,241