Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,744/mo
Lowest payment- Down payment
- $424,946
- Funds due
- $442,008
- Interest + MI left
- $170,667
- First ends
- Sep 2051
Assumption
Assumption + second
$5,265/mo
+$2,522/mo- Down payment
- $72,946
- Funds due
- $91,408
- Interest + MI left
- $726,504
- First ends
- Sep 2051
New loan
New conventional
$5,723/mo
+$2,979/mo- Down payment
- $72,946
- Funds due
- $87,694
- Interest + MI left
- $994,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,054 | $304,054 | $656,054 |
| Second mortgage | — | $352,000 | — |
| First P&I | $1,451.52 | $1,451.52 | $4,542.39 |
| Second P&I | — | $2,521.77 | — |
| Mortgage insurance | $243.25 | $243.25 | $131.21 |
| Taxes, insurance & HOA | $1,048.92 | $1,048.92 | $1,048.92 |
| Total housing payment | $2,743.68 | $5,265.45 | $5,722.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,946
Closing costs & prepaids$18,462
Usable credit−$0
Total buyer cash needed$91,408
Earnest money paid−$0
Remaining funds due$91,408
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,290.00
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)$2,496.75
Prepaid interest, first (2 days)$50.31
Prepaid interest, second (2 days)$149.48
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 10 moOf the original 30-year loan at 3.020%
Interest already paid$50,642Through Nov 2026
Assumption only · ends Sep 2051$170,667
Assumption + second · ends Sep 2051, second Dec 2056$726,504
New conventional · ends Dec 2056$994,950