Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,328/mo
Lowest payment- Down payment
- $919,729
- Funds due
- $947,048
- Interest + MI left
- $359,722
- First ends
- Apr 2051
Assumption
Assumption + second
$10,765/mo
+$5,438/mo- Down payment
- $160,729
- Funds due
- $189,621
- Interest + MI left
- $1,558,246
- First ends
- Apr 2051
New loan
New conventional
$11,795/mo
+$6,467/mo- Down payment
- $160,729
- Funds due
- $185,117
- Interest + MI left
- $2,181,235
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $679,271 | $679,271 | $1,438,271 |
| Second mortgage | — | $759,000 | — |
| First P&I | $3,227.39 | $3,227.39 | $9,958.30 |
| Second P&I | — | $5,437.57 | — |
| Mortgage insurance | $551.36 | $551.36 | $287.65 |
| Taxes, insurance & HOA | $1,549.17 | $1,549.17 | $1,549.17 |
| Total housing payment | $5,327.91 | $10,765.48 | $11,795.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$160,729
Closing costs & prepaids$28,892
Usable credit−$0
Total buyer cash needed$189,621
Earnest money paid−$0
Remaining funds due$189,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$15,990.00
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)$3,997.50
Prepaid interest, first (2 days)$106.82
Prepaid interest, second (2 days)$322.32
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 5 moOf the original 30-year loan at 2.870%
Interest already paid$117,119Through Nov 2026
Assumption only · ends Apr 2051$359,722
Assumption + second · ends Apr 2051, second Dec 2056$1,558,246
New conventional · ends Dec 2056$2,181,235