Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,083/mo
Lowest payment- Down payment
- $600,583
- Funds due
- $617,792
- Interest + MI left
- $137,409
- First ends
- Feb 2051
Assumption
Assumption + second
$5,758/mo
+$3,675/mo- Down payment
- $87,583
- Funds due
- $107,022
- Interest + MI left
- $947,479
- First ends
- Feb 2051
New loan
New conventional
$6,058/mo
+$3,976/mo- Down payment
- $87,583
- Funds due
- $103,326
- Interest + MI left
- $1,151,334
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,417 | $274,417 | $787,417 |
| Second mortgage | — | $513,000 | — |
| First P&I | $1,290.74 | $1,290.74 | $5,334.24 |
| Second P&I | — | $3,675.19 | — |
| Mortgage insurance | $225.12 | $225.12 | $157.48 |
| Taxes, insurance & HOA | $566.67 | $566.67 | $566.67 |
| Total housing payment | $2,082.53 | $5,757.72 | $6,058.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,583
Closing costs & prepaids$19,439
Usable credit−$0
Total buyer cash needed$107,022
Earnest money paid−$0
Remaining funds due$107,022
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)$183.37
Prepaid interest, second (9 days)$980.32
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 2.71%
Interest already paid$46,950Through Dec 2026
Assumption only · ends Feb 2051$137,409
Assumption + second · ends Feb 2051, second Jan 2057$947,479
New conventional · ends Jan 2057$1,151,334