Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,124/mo
Lowest payment- Down payment
- $881,112
- Funds due
- $900,961
- Interest + MI left
- $56,794
- First ends
- Jul 2041
Assumption
Assumption + second
$7,719/mo
+$5,595/mo- Down payment
- $100,112
- Funds due
- $122,040
- Interest + MI left
- $1,290,059
- First ends
- Jul 2041
New loan
New conventional
$7,343/mo
+$5,219/mo- Down payment
- $100,112
- Funds due
- $117,971
- Interest + MI left
- $1,315,784
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,887 | $118,887 | $899,887 |
| Second mortgage | — | $781,000 | — |
| First P&I | $927.70 | $927.70 | $6,096.15 |
| Second P&I | — | $5,595.18 | — |
| Mortgage insurance | $129.69 | $129.69 | $179.98 |
| Taxes, insurance & HOA | $1,066.67 | $1,066.67 | $1,066.67 |
| Total housing payment | $2,124.06 | $7,719.24 | $7,342.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,112
Closing costs & prepaids$21,927
Usable credit−$0
Total buyer cash needed$122,040
Earnest money paid−$0
Remaining funds due$122,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,999.99
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)$2,550.00
Prepaid interest, first (5 days)$73.29
Prepaid interest, second (5 days)$829.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing14 yr 7 moOf the original 30-year loan at 4.5%
Interest already paid$107,419Through Dec 2026
Assumption only · ends Jul 2041$56,794
Assumption + second · ends Jul 2041, second Jan 2057$1,290,059
New conventional · ends Jan 2057$1,315,784