Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,093/mo
Lowest payment- Down payment
- $600,220
- Funds due
- $617,433
- Interest + MI left
- $140,049
- First ends
- Feb 2051
Assumption
Assumption + second
$5,761/mo
+$3,668/mo- Down payment
- $88,220
- Funds due
- $107,661
- Interest + MI left
- $948,540
- First ends
- Feb 2051
New loan
New conventional
$6,054/mo
+$3,961/mo- Down payment
- $88,220
- Funds due
- $103,956
- Interest + MI left
- $1,150,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,780 | $274,780 | $786,780 |
| Second mortgage | — | $512,000 | — |
| First P&I | $1,300.83 | $1,300.83 | $5,329.92 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | $225.12 | $225.12 | $157.36 |
| Taxes, insurance & HOA | $566.67 | $566.67 | $566.67 |
| Total housing payment | $2,092.62 | $5,760.65 | $6,053.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,220
Closing costs & prepaids$19,441
Usable credit−$0
Total buyer cash needed$107,661
Earnest money paid−$0
Remaining funds due$107,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,750.00
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)$1,050.00
Prepaid interest, first (9 days)$187.68
Prepaid interest, second (9 days)$978.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 2.77%
Interest already paid$48,020Through Dec 2026
Assumption only · ends Feb 2051$140,049
Assumption + second · ends Feb 2051, second Jan 2057$948,540
New conventional · ends Jan 2057$1,150,402