Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,295/mo
Lowest payment- Down payment
- $492,580
- Funds due
- $509,322
- Interest + MI left
- $138,873
- First ends
- Aug 2051
Assumption
Assumption + second
$5,289/mo
+$2,995/mo- Down payment
- $74,580
- Funds due
- $92,750
- Interest + MI left
- $798,931
- First ends
- Aug 2051
New loan
New conventional
$5,668/mo
+$3,373/mo- Down payment
- $74,580
- Funds due
- $89,007
- Interest + MI left
- $1,016,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,420 | $252,420 | $670,420 |
| Second mortgage | — | $418,000 | — |
| First P&I | $1,199.89 | $1,199.89 | $4,641.85 |
| Second P&I | — | $2,994.60 | — |
| Mortgage insurance | $202.63 | $202.63 | $134.08 |
| Taxes, insurance & HOA | $892.08 | $892.08 | $892.08 |
| Total housing payment | $2,294.61 | $5,289.21 | $5,668.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,580
Closing costs & prepaids$18,170
Usable credit−$0
Total buyer cash needed$92,750
Earnest money paid−$0
Remaining funds due$92,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,450.00
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)$2,026.25
Prepaid interest, first (2 days)$40.94
Prepaid interest, second (2 days)$177.51
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 closing24 yr 9 moOf the original 30-year loan at 2.960%
Interest already paid$41,949Through Nov 2026
Assumption only · ends Aug 2051$138,873
Assumption + second · ends Aug 2051, second Dec 2056$798,931
New conventional · ends Dec 2056$1,016,737