Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,638/mo
Lowest payment- Down payment
- $587,827
- Funds due
- $605,886
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$6,162/mo
+$3,525/mo- Down payment
- $95,827
- Funds due
- $115,762
- Interest + MI left
- $985,447
- First ends
- Jul 2051
New loan
New conventional
$6,554/mo
+$3,916/mo- Down payment
- $95,827
- Funds due
- $111,942
- Interest + MI left
- $1,248,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $854,173 |
| Second mortgage | — | $492,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $5,786.47 |
| Second P&I | — | $3,524.75 | — |
| Mortgage insurance | $256.54 | $256.54 | $170.83 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $2,637.55 | $6,162.30 | $6,553.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,827
Closing costs & prepaids$19,935
Usable credit−$0
Total buyer cash needed$115,762
Earnest money paid−$0
Remaining funds due$115,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,500.00
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)$1,140.00
Prepaid interest, first (6 days)$193.49
Prepaid interest, second (6 days)$626.79
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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
Assumption + second · ends Jul 2051, second Jan 2057$985,447
New conventional · ends Jan 2057$1,248,942