Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $414,671
- Funds due
- $428,193
- Interest + MI left
- $164,444
- First ends
- Jan 2052
Assumption
Assumption + second
$4,222/mo
+$2,464/mo- Down payment
- $70,671
- Funds due
- $85,516
- Interest + MI left
- $707,649
- First ends
- Jan 2052
New loan
New conventional
$4,658/mo
+$2,900/mo- Down payment
- $70,671
- Funds due
- $81,790
- Interest + MI left
- $954,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,329 | $285,329 | $629,329 |
| Second mortgage | — | $344,000 | — |
| First P&I | $1,357.47 | $1,357.47 | $4,357.35 |
| Second P&I | — | $2,464.46 | — |
| Mortgage insurance | $226.04 | $226.04 | $125.87 |
| Taxes, insurance & HOA | $174.33 | $174.33 | $174.33 |
| Total housing payment | $1,757.84 | $4,222.30 | $4,657.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,671
Closing costs & prepaids$14,845
Usable credit−$0
Total buyer cash needed$85,516
Earnest money paid−$0
Remaining funds due$85,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,000.00
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)$23.00
Prepaid interest, first (1 days)$24.00
Prepaid interest, second (1 days)$73.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.070%
Interest already paid$44,950Through Nov 2026
Assumption only · ends Jan 2052$164,444
Assumption + second · ends Jan 2052, second Dec 2056$707,649
New conventional · ends Dec 2056$954,420