Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,891/mo
Lowest payment- Down payment
- $246,738
- Funds due
- $263,758
- Interest + MI left
- $309,358
- First ends
- Apr 2051
Assumption
Assumption + second
$5,072/mo
+$1,181/mo- Down payment
- $85,738
- Funds due
- $104,220
- Interest + MI left
- $573,648
- First ends
- Apr 2051
New loan
New conventional
$5,887/mo
+$1,996/mo- Down payment
- $85,738
- Funds due
- $100,728
- Interest + MI left
- $1,117,477
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $603,262 | $603,262 | $764,262 |
| Second mortgage | — | $161,000 | — |
| First P&I | $2,842.16 | $2,842.16 | $5,177.38 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $491.86 | $491.86 | $152.85 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $3,890.68 | $5,072.04 | $5,886.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,738
Closing costs & prepaids$18,481
Usable credit−$0
Total buyer cash needed$104,220
Earnest money paid−$0
Remaining funds due$104,220
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,500.00
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)$1,020.00
Prepaid interest, first (6 days)$274.69
Prepaid interest, second (6 days)$211.73
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$102,136Through Dec 2026
Assumption only · ends Apr 2051$309,358
Assumption + second · ends Apr 2051, second Jan 2057$573,648
New conventional · ends Jan 2057$1,117,477