Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,381/mo
Lowest payment- Down payment
- $763,719
- Funds due
- $782,920
- Interest + MI left
- $183,870
- First ends
- Sep 2051
Assumption
Assumption + second
$7,066/mo
+$4,685/mo- Down payment
- $109,719
- Funds due
- $130,448
- Interest + MI left
- $1,216,591
- First ends
- Sep 2051
New loan
New conventional
$7,560/mo
+$5,179/mo- Down payment
- $109,719
- Funds due
- $126,369
- Interest + MI left
- $1,494,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,281 | $331,281 | $985,281 |
| Second mortgage | — | $654,000 | — |
| First P&I | $1,574.62 | $1,574.62 | $6,821.89 |
| Second P&I | — | $4,685.34 | — |
| Mortgage insurance | $265.23 | $265.23 | $197.06 |
| Taxes, insurance & HOA | $540.83 | $540.83 | $540.83 |
| Total housing payment | $2,380.68 | $7,066.02 | $7,559.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$109,719
Closing costs & prepaids$20,729
Usable credit−$0
Total buyer cash needed$130,448
Earnest money paid−$0
Remaining funds due$130,448
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,950.00
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)$972.50
Prepaid interest, first (2 days)$54.09
Prepaid interest, second (2 days)$277.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 2.980%
Interest already paid$54,467Through Nov 2026
Assumption only · ends Sep 2051$183,870
Assumption + second · ends Sep 2051, second Dec 2056$1,216,591
New conventional · ends Dec 2056$1,494,245