Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,283/mo
Lowest payment- Down payment
- $907,437
- Funds due
- $925,264
- Interest + MI left
- $7,657
- First ends
- Apr 2030
Assumption
Assumption + second
$8,086/mo
+$5,803/mo- Down payment
- $97,437
- Funds due
- $116,858
- Interest + MI left
- $1,286,715
- First ends
- Apr 2030
New loan
New conventional
$6,729/mo
+$4,446/mo- Down payment
- $97,437
- Funds due
- $112,833
- Interest + MI left
- $1,323,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,463 | $62,463 | $872,463 |
| Second mortgage | — | $810,000 | — |
| First P&I | $1,604.25 | $1,604.25 | $6,040.76 |
| Second P&I | — | $5,802.94 | — |
| Mortgage insurance | $164.78 | $164.78 | $174.49 |
| Taxes, insurance & HOA | $514.17 | $514.17 | $514.17 |
| Total housing payment | $2,283.19 | $8,086.13 | $6,729.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,437
Closing costs & prepaids$19,421
Usable credit−$0
Total buyer cash needed$116,858
Earnest money paid−$0
Remaining funds due$116,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,699.00
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)$892.50
Prepaid interest, first (2 days)$10.20
Prepaid interest, second (2 days)$343.97
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 closing3 yr 5 moOf the original 15-year loan at 2.980%
Interest already paid$52,826Through Nov 2026
Assumption only · ends Apr 2030$7,657
Assumption + second · ends Apr 2030, second Dec 2056$1,286,715
New conventional · ends Dec 2056$1,323,149