Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,547/mo
Lowest payment- Down payment
- $272,654
- Funds due
- $284,758
- Interest + MI left
- $98,546
- First ends
- Mar 2051
Assumption
Assumption + second
$3,145/mo
+$1,598/mo- Down payment
- $49,654
- Funds due
- $63,292
- Interest + MI left
- $450,682
- First ends
- Mar 2051
New loan
New conventional
$3,471/mo
+$1,924/mo- Down payment
- $49,654
- Funds due
- $59,902
- Interest + MI left
- $651,170
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,346 | $222,346 | $445,346 |
| Second mortgage | — | $223,000 | — |
| First P&I | $998.67 | $998.67 | $3,016.93 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $183.59 | $183.59 | $89.07 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $1,546.93 | $3,144.53 | $3,470.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,654
Closing costs & prepaids$13,638
Usable credit−$0
Total buyer cash needed$63,292
Earnest money paid−$0
Remaining funds due$63,292
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Prepaid interest, first (6 days)$84.43
Prepaid interest, second (6 days)$284.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3 moOf the original 30-year loan at 2.31%
Interest already paid$32,069Through Dec 2026
Assumption only · ends Mar 2051$98,546
Assumption + second · ends Mar 2051, second Jan 2057$450,682
New conventional · ends Jan 2057$651,170