Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,877/mo
Lowest payment- Down payment
- $366,817
- Funds due
- $383,320
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$4,976/mo
+$2,099/mo- Down payment
- $73,817
- Funds due
- $91,819
- Interest + MI left
- $671,209
- First ends
- Jul 2051
New loan
New conventional
$5,375/mo
+$2,498/mo- Down payment
- $73,817
- Funds due
- $88,163
- Interest + MI left
- $946,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $655,173 |
| Second mortgage | — | $293,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $4,407.39 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $256.54 | $256.54 | $131.03 |
| Taxes, insurance & HOA | $836.33 | $836.33 | $836.33 |
| Total housing payment | $2,877.22 | $4,976.31 | $5,374.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,817
Closing costs & prepaids$18,002
Usable credit−$0
Total buyer cash needed$91,819
Earnest money paid−$0
Remaining funds due$91,819
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,289.90
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)$1,859.00
Prepaid interest, first (4 days)$128.99
Prepaid interest, second (4 days)$248.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
Assumption + second · ends Jul 2051, second Jan 2057$671,209
New conventional · ends Jan 2057$946,688