Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,179/mo
Lowest payment- Down payment
- $172,884
- Funds due
- $185,108
- Interest + MI left
- $167,235
- First ends
- Mar 2051
Assumption
Assumption + second
$3,074/mo
+$895/mo- Down payment
- $50,884
- Funds due
- $64,518
- Interest + MI left
- $367,505
- First ends
- Mar 2051
New loan
New conventional
$3,499/mo
+$1,320/mo- Down payment
- $50,884
- Funds due
- $61,180
- Interest + MI left
- $656,592
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,116 | $327,116 | $449,116 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,544.86 | $1,544.86 | $3,042.47 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $267.35 | $267.35 | $89.82 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,178.88 | $3,074.07 | $3,498.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,884
Closing costs & prepaids$13,634
Usable credit−$0
Total buyer cash needed$64,518
Earnest money paid−$0
Remaining funds due$64,518
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$148.95
Prepaid interest, second (6 days)$160.44
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 2.77%
Interest already paid$56,273Through Dec 2026
Assumption only · ends Mar 2051$167,235
Assumption + second · ends Mar 2051, second Jan 2057$367,505
New conventional · ends Jan 2057$656,592