Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,434/mo
Lowest payment- Down payment
- $166,231
- Funds due
- $180,808
- Interest + MI left
- $294,288
- First ends
- Jul 2051
Assumption
Assumption + second
$4,206/mo
+$772/mo- Down payment
- $70,231
- Funds due
- $86,200
- Interest + MI left
- $476,365
- First ends
- Jul 2051
New loan
New conventional
$4,839/mo
+$1,405/mo- Down payment
- $70,231
- Funds due
- $82,787
- Interest + MI left
- $920,775
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $533,734 | $533,734 | $629,734 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,557.10 | $2,557.10 | $4,266.04 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $430.17 | $430.17 | $125.95 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $3,433.94 | $4,206.37 | $4,838.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,231
Closing costs & prepaids$15,969
Usable credit−$0
Total buyer cash needed$86,200
Earnest money paid−$0
Remaining funds due$86,200
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.65
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)$840.00
Prepaid interest, first (6 days)$262.33
Prepaid interest, second (6 days)$142.03
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 2.99%
Interest already paid$92,652Through Dec 2026
Assumption only · ends Jul 2051$294,288
Assumption + second · ends Jul 2051, second Jan 2057$476,365
New conventional · ends Jan 2057$920,775