Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$17,641/mo
+$39/mo- Down payment
- $526,372
- Funds due
- $563,743
- Interest + MI left
- $559,778
- First ends
- Sep 2040
Assumption
Assumption + second
$19,690/mo
+$2,088/mo- Down payment
- $240,372
- Funds due
- $279,053
- Interest + MI left
- $1,011,396
- First ends
- Sep 2040
New loan
New conventional
$17,601/mo
Lowest payment- Down payment
- $240,372
- Funds due
- $273,831
- Interest + MI left
- $3,275,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,873,628 | $1,873,628 | $2,159,628 |
| Second mortgage | — | $286,000 | — |
| First P&I | $13,653.15 | $13,653.15 | $14,952.83 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $1,770.83 | $1,770.83 | $431.93 |
| Taxes, insurance & HOA | $2,216.67 | $2,216.67 | $2,216.67 |
| Total housing payment | $17,640.65 | $19,689.59 | $17,601.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$240,372
Closing costs & prepaids$38,681
Usable credit−$0
Total buyer cash needed$279,053
Earnest money paid−$0
Remaining funds due$279,053
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$24,000.00
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)$6,000.00
Prepaid interest, first (1 days)$145.27
Prepaid interest, second (1 days)$60.73
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 closing13 yr 10 moOf the original 20-year loan at 2.830%
Interest already paid$383,961Through Nov 2026
Assumption only · ends Sep 2040$559,778
Assumption + second · ends Sep 2040, second Dec 2056$1,011,396
New conventional · ends Dec 2056$3,275,221