Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,867/mo
Lowest payment- Down payment
- $507,282
- Funds due
- $524,388
- Interest + MI left
- $141,435
- First ends
- Jun 2045
Assumption
Assumption + second
$5,933/mo
+$3,066/mo- Down payment
- $79,282
- Funds due
- $97,820
- Interest + MI left
- $817,283
- First ends
- Jun 2045
New loan
New conventional
$5,906/mo
+$3,039/mo- Down payment
- $79,282
- Funds due
- $94,026
- Interest + MI left
- $1,071,784
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,717 | $278,717 | $706,717 |
| Second mortgage | — | $428,000 | — |
| First P&I | $1,728.82 | $1,728.82 | $4,893.17 |
| Second P&I | — | $3,066.24 | — |
| Mortgage insurance | $266.38 | $266.38 | $141.34 |
| Taxes, insurance & HOA | $871.67 | $871.67 | $871.67 |
| Total housing payment | $2,866.87 | $5,933.11 | $5,906.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,282
Closing costs & prepaids$18,538
Usable credit−$0
Total buyer cash needed$97,820
Earnest money paid−$0
Remaining funds due$97,820
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,859.99
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)$1,965.00
Prepaid interest, first (2 days)$56.35
Prepaid interest, second (2 days)$181.75
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 closing18 yr 7 moOf the original 30-year loan at 3.690%
Interest already paid$139,504Through Nov 2026
Assumption only · ends Jun 2045$141,435
Assumption + second · ends Jun 2045, second Dec 2056$817,283
New conventional · ends Dec 2056$1,071,784