Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,821/mo
Lowest payment- Down payment
- $205,744
- Funds due
- $222,073
- Interest + MI left
- $303,640
- First ends
- Jun 2050
Assumption
Assumption + second
$4,760/mo
+$939/mo- Down payment
- $77,744
- Funds due
- $95,575
- Interest + MI left
- $513,759
- First ends
- Jun 2050
New loan
New conventional
$5,390/mo
+$1,569/mo- Down payment
- $77,744
- Funds due
- $92,306
- Interest + MI left
- $1,019,504
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $569,256 | $569,256 | $697,256 |
| Second mortgage | — | $128,000 | — |
| First P&I | $2,821.41 | $2,821.41 | $4,723.46 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $472.81 | $472.81 | $139.45 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $3,820.89 | $4,760.11 | $5,389.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,744
Closing costs & prepaids$17,831
Usable credit−$0
Total buyer cash needed$95,575
Earnest money paid−$0
Remaining funds due$95,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
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)$930.00
Prepaid interest, first (9 days)$423.90
Prepaid interest, second (9 days)$252.49
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 closing23 yr 6 moOf the original 30-year loan at 3.02%
Interest already paid$121,826Through Dec 2026
Assumption only · ends Jun 2050$303,640
Assumption + second · ends Jun 2050, second Jan 2057$513,759
New conventional · ends Jan 2057$1,019,504