Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,749/mo
Lowest payment- Down payment
- $286,026
- Funds due
- $300,646
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$4,332/mo
+$1,583/mo- Down payment
- $65,026
- Funds due
- $80,943
- Interest + MI left
- $558,760
- First ends
- Jul 2051
New loan
New conventional
$4,868/mo
+$2,119/mo- Down payment
- $65,026
- Funds due
- $77,282
- Interest + MI left
- $885,636
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $583,974 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $4,043.32 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $257.11 | $257.11 | $116.79 |
| Taxes, insurance & HOA | $707.50 | $707.50 | $707.50 |
| Total housing payment | $2,748.95 | $4,332.22 | $4,867.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,026
Closing costs & prepaids$15,917
Usable credit−$0
Total buyer cash needed$80,943
Earnest money paid−$0
Remaining funds due$80,943
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,490.00
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)$1,622.50
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$46.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$209,782
Assumption + second · ends Jul 2051, second Dec 2056$558,760
New conventional · ends Dec 2056$885,636