Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,627/mo
Lowest payment- Down payment
- $120,829
- Funds due
- $133,451
- Interest + MI left
- $203,674
- First ends
- Mar 2051
Assumption
Assumption + second
$3,166/mo
+$539/mo- Down payment
- $53,829
- Funds due
- $67,816
- Interest + MI left
- $330,749
- First ends
- Mar 2051
New loan
New conventional
$3,700/mo
+$1,072/mo- Down payment
- $53,829
- Funds due
- $64,557
- Interest + MI left
- $696,146
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,171 | $409,171 | $476,171 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,913.65 | $1,913.65 | $3,225.75 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $335.07 | $335.07 | $95.23 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $2,627.39 | $3,166.49 | $3,699.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,829
Closing costs & prepaids$13,987
Usable credit−$0
Total buyer cash needed$67,816
Earnest money paid−$0
Remaining funds due$67,816
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Prepaid interest, first (7 days)$210.30
Prepaid interest, second (7 days)$115.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.68%
Interest already paid$68,172Through Dec 2026
Assumption only · ends Mar 2051$203,674
Assumption + second · ends Mar 2051, second Jan 2057$330,749
New conventional · ends Jan 2057$696,146