Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,919/mo
Lowest payment- Down payment
- $341,843
- Funds due
- $355,354
- Interest + MI left
- $262,055
- First ends
- Jun 2056
Assumption
Assumption + second
$3,932/mo
+$2,013/mo- Down payment
- $60,843
- Funds due
- $76,141
- Interest + MI left
- $705,778
- First ends
- Jun 2056
New loan
New conventional
$4,165/mo
+$2,246/mo- Down payment
- $60,843
- Funds due
- $72,581
- Interest + MI left
- $788,044
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,957 | $257,957 | $538,957 |
| Second mortgage | — | $281,000 | — |
| First P&I | $1,393.36 | $1,393.36 | $3,651.08 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | $119.10 | $119.10 | $107.79 |
| Taxes, insurance & HOA | $406.58 | $406.58 | $406.58 |
| Total housing payment | $1,919.04 | $3,932.16 | $4,165.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,843
Closing costs & prepaids$15,297
Usable credit−$0
Total buyer cash needed$76,141
Earnest money paid−$0
Remaining funds due$76,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,998.00
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)$719.75
Prepaid interest, first (9 days)$317.39
Prepaid interest, second (9 days)$536.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing29 yr 6 moOf the original 30-year loan at 4.99%
Interest already paid$6,464Through Dec 2026
Assumption only · ends Jun 2056$262,055
Assumption + second · ends Jun 2056, second Jan 2057$705,778
New conventional · ends Jan 2057$788,044