Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,533/mo
Lowest payment- Down payment
- $966,032
- Funds due
- $989,539
- Interest + MI left
- $173,439
- First ends
- Dec 2046
Assumption
Assumption + second
$9,522/mo
+$5,989/mo- Down payment
- $130,032
- Funds due
- $154,966
- Interest + MI left
- $1,493,553
- First ends
- Dec 2046
New loan
New conventional
$9,635/mo
+$6,102/mo- Down payment
- $130,032
- Funds due
- $150,644
- Interest + MI left
- $1,774,335
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,968 | $333,968 | $1,169,968 |
| Second mortgage | — | $836,000 | — |
| First P&I | $1,927.90 | $1,927.90 | $8,100.62 |
| Second P&I | — | $5,989.21 | — |
| Mortgage insurance | $304.87 | $304.87 | $233.99 |
| Taxes, insurance & HOA | $1,300.00 | $1,300.00 | $1,300.00 |
| Total housing payment | $3,532.76 | $9,521.97 | $9,634.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,032
Closing costs & prepaids$24,934
Usable credit−$0
Total buyer cash needed$154,966
Earnest money paid−$0
Remaining funds due$154,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$13,000.00
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)$3,250.00
Prepaid interest, first (1 days)$31.84
Prepaid interest, second (1 days)$177.51
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 closing20 yr 1 moOf the original 30-year loan at 3.480%
Interest already paid$132,986Through Nov 2026
Assumption only · ends Dec 2046$173,439
Assumption + second · ends Dec 2046, second Dec 2056$1,493,553
New conventional · ends Dec 2056$1,774,335