Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,949/mo
Lowest payment- Down payment
- $466,026
- Funds due
- $483,646
- Interest + MI left
- $209,782
- First ends
- Jul 2051
Assumption
Assumption + second
$5,693/mo
+$2,744/mo- Down payment
- $83,026
- Funds due
- $101,977
- Interest + MI left
- $814,572
- First ends
- Jul 2051
New loan
New conventional
$6,222/mo
+$3,273/mo- Down payment
- $83,026
- Funds due
- $98,134
- Interest + MI left
- $1,131,320
- 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 | $745,974 |
| Second mortgage | — | $383,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $5,164.97 |
| Second P&I | — | $2,743.86 | — |
| Mortgage insurance | $257.11 | $257.11 | $149.19 |
| Taxes, insurance & HOA | $907.50 | $907.50 | $907.50 |
| Total housing payment | $2,948.95 | $5,692.81 | $6,221.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,026
Closing costs & prepaids$18,951
Usable credit−$0
Total buyer cash needed$101,977
Earnest money paid−$0
Remaining funds due$101,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,290.00
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)$2,072.50
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$81.32
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$814,572
New conventional · ends Dec 2056$1,131,320