Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,341/mo
Lowest payment- Down payment
- $225,667
- Funds due
- $238,753
- Interest + MI left
- $193,282
- First ends
- Sep 2051
Assumption
Assumption + second
$3,574/mo
+$1,233/mo- Down payment
- $57,667
- Funds due
- $72,224
- Interest + MI left
- $469,063
- First ends
- Sep 2051
New loan
New conventional
$4,005/mo
+$1,664/mo- Down payment
- $57,667
- Funds due
- $68,816
- Interest + MI left
- $756,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,333 | $349,333 | $517,333 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,664.20 | $1,664.20 | $3,504.59 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $280.32 | $280.32 | $103.47 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $2,341.18 | $3,573.91 | $4,004.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,667
Closing costs & prepaids$14,557
Usable credit−$0
Total buyer cash needed$72,224
Earnest money paid−$0
Remaining funds due$72,224
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (6 days)$171.13
Prepaid interest, second (6 days)$220.93
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$58,436Through Dec 2026
Assumption only · ends Sep 2051$193,282
Assumption + second · ends Sep 2051, second Jan 2057$469,063
New conventional · ends Jan 2057$756,426