Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,599/mo
Lowest payment- Down payment
- $136,215
- Funds due
- $148,992
- Interest + MI left
- $204,271
- First ends
- Jun 2051
Assumption
Assumption + second
$3,299/mo
+$700/mo- Down payment
- $49,215
- Funds due
- $63,350
- Interest + MI left
- $369,278
- First ends
- Jun 2051
New loan
New conventional
$3,657/mo
+$1,057/mo- Down payment
- $49,215
- Funds due
- $59,980
- Interest + MI left
- $644,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,685 | $353,685 | $440,685 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,731.55 | $1,731.55 | $2,985.35 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $284.69 | $284.69 | $88.14 |
| Taxes, insurance & HOA | $583.08 | $583.08 | $583.08 |
| Total housing payment | $2,599.32 | $3,299.34 | $3,656.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,215
Closing costs & prepaids$14,134
Usable credit−$0
Total buyer cash needed$63,350
Earnest money paid−$0
Remaining funds due$63,350
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.00
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)$1,249.25
Prepaid interest, first (5 days)$153.59
Prepaid interest, second (5 days)$107.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 3.17%
Interest already paid$66,055Through Dec 2026
Assumption only · ends Jun 2051$204,271
Assumption + second · ends Jun 2051, second Jan 2057$369,278
New conventional · ends Jan 2057$644,354