Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,729/mo
Lowest payment- Down payment
- $256,416
- Funds due
- $270,627
- Interest + MI left
- $237,053
- First ends
- Jan 2052
Assumption
Assumption + second
$4,116/mo
+$1,387/mo- Down payment
- $67,416
- Funds due
- $83,167
- Interest + MI left
- $547,306
- First ends
- Jan 2052
New loan
New conventional
$4,630/mo
+$1,901/mo- Down payment
- $67,416
- Funds due
- $79,738
- Interest + MI left
- $879,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,584 | $412,584 | $601,584 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,967.22 | $1,967.22 | $4,075.34 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $327.57 | $327.57 | $120.32 |
| Taxes, insurance & HOA | $434.25 | $434.25 | $434.25 |
| Total housing payment | $2,729.04 | $4,115.85 | $4,629.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,416
Closing costs & prepaids$15,751
Usable credit−$0
Total buyer cash needed$83,167
Earnest money paid−$0
Remaining funds due$83,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,690.00
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)$802.75
Prepaid interest, first (7 days)$242.92
Prepaid interest, second (7 days)$289.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing25 yr 1 moOf the original 30-year loan at 3.07%
Interest already paid$66,198Through Dec 2026
Assumption only · ends Jan 2052$237,053
Assumption + second · ends Jan 2052, second Jan 2057$547,306
New conventional · ends Jan 2057$879,615