Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,900/mo
Lowest payment- Down payment
- $599,555
- Funds due
- $616,024
- Interest + MI left
- $140,819
- First ends
- Feb 2051
Assumption
Assumption + second
$5,568/mo
+$3,668/mo- Down payment
- $87,555
- Funds due
- $105,382
- Interest + MI left
- $949,310
- First ends
- Feb 2051
New loan
New conventional
$5,984/mo
+$4,084/mo- Down payment
- $87,555
- Funds due
- $101,487
- Interest + MI left
- $1,194,213
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,445 | $275,445 | $787,445 |
| Second mortgage | — | $512,000 | — |
| First P&I | $1,300.83 | $1,300.83 | $5,452.11 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | $225.12 | $225.12 | $157.49 |
| Taxes, insurance & HOA | $374.17 | $374.17 | $374.17 |
| Total housing payment | $1,900.12 | $5,568.15 | $5,983.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,555
Closing costs & prepaids$17,827
Usable credit−$0
Total buyer cash needed$105,382
Earnest money paid−$0
Remaining funds due$105,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,750.00
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)$472.50
Prepaid interest, first (1 days)$20.90
Prepaid interest, second (1 days)$108.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 2.770%
Interest already paid$47,384Through Nov 2026
Assumption only · ends Feb 2051$140,819
Assumption + second · ends Feb 2051, second Dec 2056$949,310
New conventional · ends Dec 2056$1,194,213