Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,126/mo
Lowest payment- Down payment
- $140,317
- Funds due
- $154,136
- Interest + MI left
- $266,937
- First ends
- Dec 2051
Assumption
Assumption + second
$3,737/mo
+$612/mo- Down payment
- $64,317
- Funds due
- $79,499
- Interest + MI left
- $411,082
- First ends
- Dec 2051
New loan
New conventional
$4,401/mo
+$1,275/mo- Down payment
- $64,317
- Funds due
- $76,134
- Interest + MI left
- $834,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,683 | $494,683 | $570,683 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,309.98 | $2,309.98 | $3,866.01 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $395.14 | $395.14 | $114.14 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $3,125.79 | $3,737.30 | $4,400.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,317
Closing costs & prepaids$15,182
Usable credit−$0
Total buyer cash needed$79,499
Earnest money paid−$0
Remaining funds due$79,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,350.00
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)$762.00
Prepaid interest, first (6 days)$232.57
Prepaid interest, second (6 days)$112.44
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 closing25 yrOf the original 30-year loan at 2.86%
Interest already paid$75,438Through Dec 2026
Assumption only · ends Dec 2051$266,937
Assumption + second · ends Dec 2051, second Jan 2057$411,082
New conventional · ends Jan 2057$834,433