Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,492/mo
Lowest payment- Down payment
- $170,824
- Funds due
- $183,591
- Interest + MI left
- $210,376
- First ends
- Jul 2051
Assumption
Assumption + second
$3,343/mo
+$851/mo- Down payment
- $54,824
- Funds due
- $68,994
- Interest + MI left
- $400,796
- First ends
- Jul 2051
New loan
New conventional
$3,803/mo
+$1,311/mo- Down payment
- $54,824
- Funds due
- $65,633
- Interest + MI left
- $716,718
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,176 | $374,176 | $490,176 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,806.27 | $1,806.27 | $3,320.62 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $301.15 | $301.15 | $98.04 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $2,492.09 | $3,343.25 | $3,803.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,824
Closing costs & prepaids$14,170
Usable credit−$0
Total buyer cash needed$68,994
Earnest money paid−$0
Remaining funds due$68,994
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$654.00
Prepaid interest, first (6 days)$188.22
Prepaid interest, second (6 days)$152.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 3.06%
Interest already paid$66,426Through Dec 2026
Assumption only · ends Jul 2051$210,376
Assumption + second · ends Jul 2051, second Jan 2057$400,796
New conventional · ends Jan 2057$716,718