Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,469/mo
Lowest payment- Down payment
- $307,247
- Funds due
- $326,199
- Interest + MI left
- $344,450
- First ends
- Jul 2051
Assumption
Assumption + second
$6,002/mo
+$1,533/mo- Down payment
- $93,247
- Funds due
- $113,540
- Interest + MI left
- $682,374
- First ends
- Jul 2051
New loan
New conventional
$6,953/mo
+$2,483/mo- Down payment
- $93,247
- Funds due
- $109,704
- Interest + MI left
- $1,268,991
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $622,752 | $622,752 | $836,752 |
| Second mortgage | — | $214,000 | — |
| First P&I | $2,976.76 | $2,976.76 | $5,793.50 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | $500.76 | $500.76 | $167.35 |
| Taxes, insurance & HOA | $991.67 | $991.67 | $991.67 |
| Total housing payment | $4,469.19 | $6,002.31 | $6,952.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,247
Closing costs & prepaids$20,293
Usable credit−$0
Total buyer cash needed$113,540
Earnest money paid−$0
Remaining funds due$113,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,299.99
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)$2,325.00
Prepaid interest, first (2 days)$102.03
Prepaid interest, second (2 days)$90.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 2.990%
Interest already paid$106,305Through Nov 2026
Assumption only · ends Jul 2051$344,450
Assumption + second · ends Jul 2051, second Dec 2056$682,374
New conventional · ends Dec 2056$1,268,991