Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,110/mo
Lowest payment- Down payment
- $627,883
- Funds due
- $646,474
- Interest + MI left
- $122,121
- First ends
- May 2043
Assumption
Assumption + second
$6,957/mo
+$3,847/mo- Down payment
- $90,883
- Funds due
- $110,952
- Interest + MI left
- $970,089
- First ends
- May 2043
New loan
New conventional
$6,770/mo
+$3,661/mo- Down payment
- $90,883
- Funds due
- $107,042
- Interest + MI left
- $1,234,663
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,117 | $277,117 | $814,117 |
| Second mortgage | — | $537,000 | — |
| First P&I | $1,848.52 | $1,848.52 | $5,636.78 |
| Second P&I | — | $3,847.13 | — |
| Mortgage insurance | $290.51 | $290.51 | $162.82 |
| Taxes, insurance & HOA | $970.83 | $970.83 | $970.83 |
| Total housing payment | $3,109.86 | $6,956.99 | $6,770.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,883
Closing costs & prepaids$20,069
Usable credit−$0
Total buyer cash needed$110,952
Earnest money paid−$0
Remaining funds due$110,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,050.00
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)$2,262.50
Prepaid interest, first (2 days)$53.60
Prepaid interest, second (2 days)$228.04
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 closing16 yr 6 moOf the original 30-year loan at 3.530%
Interest already paid$166,452Through Nov 2026
Assumption only · ends May 2043$122,121
Assumption + second · ends May 2043, second Dec 2056$970,089
New conventional · ends Dec 2056$1,234,663