Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,645/mo
Lowest payment- Down payment
- $542,020
- Funds due
- $559,921
- Interest + MI left
- $180,904
- First ends
- Jan 2052
Assumption
Assumption + second
$5,919/mo
+$3,274/mo- Down payment
- $85,020
- Funds due
- $104,365
- Interest + MI left
- $902,546
- First ends
- Jan 2052
New loan
New conventional
$6,374/mo
+$3,729/mo- Down payment
- $85,020
- Funds due
- $100,529
- Interest + MI left
- $1,159,992
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,880 | $307,880 | $764,880 |
| Second mortgage | — | $457,000 | — |
| First P&I | $1,476.06 | $1,476.06 | $5,295.87 |
| Second P&I | — | $3,274.00 | — |
| Mortgage insurance | $243.61 | $243.61 | $152.98 |
| Taxes, insurance & HOA | $924.92 | $924.92 | $924.92 |
| Total housing payment | $2,644.58 | $5,918.58 | $6,373.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,020
Closing costs & prepaids$19,346
Usable credit−$0
Total buyer cash needed$104,365
Earnest money paid−$0
Remaining funds due$104,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,499.00
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)$2,124.75
Prepaid interest, first (2 days)$52.97
Prepaid interest, second (2 days)$194.07
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 closing25 yr 2 moOf the original 30-year loan at 3.140%
Interest already paid$49,577Through Nov 2026
Assumption only · ends Jan 2052$180,904
Assumption + second · ends Jan 2052, second Dec 2056$902,546
New conventional · ends Dec 2056$1,159,992