Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,722/mo
Lowest payment- Down payment
- $341,524
- Funds due
- $354,160
- Interest + MI left
- $263,216
- First ends
- Jun 2056
Assumption
Assumption + second
$3,735/mo
+$2,013/mo- Down payment
- $60,524
- Funds due
- $74,470
- Interest + MI left
- $706,939
- First ends
- Jun 2056
New loan
New conventional
$4,051/mo
+$2,329/mo- Down payment
- $60,524
- Funds due
- $70,829
- Interest + MI left
- $817,848
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,276 | $258,276 | $539,276 |
| Second mortgage | — | $281,000 | — |
| First P&I | $1,393.36 | $1,393.36 | $3,733.84 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | $119.10 | $119.10 | $107.86 |
| Taxes, insurance & HOA | $209.25 | $209.25 | $209.25 |
| Total housing payment | $1,721.71 | $3,734.83 | $4,050.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,524
Closing costs & prepaids$13,946
Usable credit−$0
Total buyer cash needed$74,470
Earnest money paid−$0
Remaining funds due$74,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,998.00
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)$127.75
Prepaid interest, first (1 days)$35.31
Prepaid interest, second (1 days)$59.66
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 closing29 yr 7 moOf the original 30-year loan at 4.990%
Interest already paid$5,390Through Nov 2026
Assumption only · ends Jun 2056$263,216
Assumption + second · ends Jun 2056, second Dec 2056$706,939
New conventional · ends Dec 2056$817,848