Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,320/mo
Lowest payment- Down payment
- $337,464
- Funds due
- $353,656
- Interest + MI left
- $533,568
- First ends
- Mar 2056
Assumption
Assumption + second
$5,190/mo
+$1,870/mo- Down payment
- $76,464
- Funds due
- $94,238
- Interest + MI left
- $945,709
- First ends
- Mar 2056
New loan
New conventional
$5,306/mo
+$1,986/mo- Down payment
- $76,464
- Funds due
- $90,474
- Interest + MI left
- $1,003,098
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,036 | $425,036 | $686,036 |
| Second mortgage | — | $261,000 | — |
| First P&I | $2,601.74 | $2,601.74 | $4,647.45 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $196.57 | $196.57 | $137.21 |
| Taxes, insurance & HOA | $521.67 | $521.67 | $521.67 |
| Total housing payment | $3,319.97 | $5,189.81 | $5,306.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,464
Closing costs & prepaids$17,774
Usable credit−$0
Total buyer cash needed$94,238
Earnest money paid−$0
Remaining funds due$94,238
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,625.00
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)$915.00
Prepaid interest, first (6 days)$426.90
Prepaid interest, second (6 days)$332.51
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 closing29 yr 3 moOf the original 30-year loan at 6.11%
Interest already paid$19,576Through Dec 2026
Assumption only · ends Mar 2056$533,568
Assumption + second · ends Mar 2056, second Jan 2057$945,709
New conventional · ends Jan 2057$1,003,098