Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,418/mo
Lowest payment- Down payment
- $166,792
- Funds due
- $181,364
- Interest + MI left
- $289,874
- First ends
- Jul 2051
Assumption
Assumption + second
$4,190/mo
+$772/mo- Down payment
- $70,792
- Funds due
- $86,756
- Interest + MI left
- $471,951
- First ends
- Jul 2051
New loan
New conventional
$4,835/mo
+$1,417/mo- Down payment
- $70,792
- Funds due
- $83,342
- Interest + MI left
- $919,999
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $533,203 | $533,203 | $629,203 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,540.77 | $2,540.77 | $4,262.44 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $430.17 | $430.17 | $125.84 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $3,417.60 | $4,190.04 | $4,834.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,792
Closing costs & prepaids$15,965
Usable credit−$0
Total buyer cash needed$86,756
Earnest money paid−$0
Remaining funds due$86,756
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.95
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)$257.69
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 2.94%
Interest already paid$91,059Through Dec 2026
Assumption only · ends Jul 2051$289,874
Assumption + second · ends Jul 2051, second Jan 2057$471,951
New conventional · ends Jan 2057$919,999