Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,556/mo
Lowest payment- Down payment
- $620,783
- Funds due
- $637,099
- Interest + MI left
- $88,980
- First ends
- Mar 2051
Assumption
Assumption + second
$5,425/mo
+$3,869/mo- Down payment
- $80,783
- Funds due
- $98,463
- Interest + MI left
- $941,686
- First ends
- Mar 2051
New loan
New conventional
$5,696/mo
+$4,139/mo- Down payment
- $80,783
- Funds due
- $94,623
- Interest + MI left
- $1,089,081
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,217 | $178,217 | $718,217 |
| Second mortgage | — | $540,000 | — |
| First P&I | $831.48 | $831.48 | $4,972.79 |
| Second P&I | — | $3,868.63 | — |
| Mortgage insurance | $145.59 | $145.59 | $143.64 |
| Taxes, insurance & HOA | $579.17 | $579.17 | $579.17 |
| Total housing payment | $1,556.23 | $5,424.86 | $5,695.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,783
Closing costs & prepaids$17,680
Usable credit−$0
Total buyer cash needed$98,463
Earnest money paid−$0
Remaining funds due$98,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
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)$1,087.50
Prepaid interest, first (1 days)$13.09
Prepaid interest, second (1 days)$114.66
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 closing24 yr 4 moOf the original 30-year loan at 2.680%
Interest already paid$29,222Through Nov 2026
Assumption only · ends Mar 2051$88,980
Assumption + second · ends Mar 2051, second Dec 2056$941,686
New conventional · ends Dec 2056$1,089,081