Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,395/mo
Lowest payment- Down payment
- $182,275
- Funds due
- $195,182
- Interest + MI left
- $171,617
- First ends
- Jun 2051
Assumption
Assumption + second
$3,371/mo
+$976/mo- Down payment
- $49,275
- Funds due
- $63,461
- Interest + MI left
- $389,943
- First ends
- Jun 2051
New loan
New conventional
$3,789/mo
+$1,394/mo- Down payment
- $49,275
- Funds due
- $59,952
- Interest + MI left
- $660,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,725 | $302,725 | $435,725 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,466.08 | $1,466.08 | $3,016.87 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $243.50 | $243.50 | $87.15 |
| Taxes, insurance & HOA | $685.33 | $685.33 | $685.33 |
| Total housing payment | $2,394.91 | $3,370.82 | $3,789.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,275
Closing costs & prepaids$14,186
Usable credit−$0
Total buyer cash needed$63,461
Earnest money paid−$0
Remaining funds due$63,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$1,556.00
Prepaid interest, first (1 days)$25.63
Prepaid interest, second (1 days)$29.15
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 7 moOf the original 30-year loan at 3.090%
Interest already paid$54,252Through Nov 2026
Assumption only · ends Jun 2051$171,617
Assumption + second · ends Jun 2051, second Dec 2056$389,943
New conventional · ends Dec 2056$660,719