Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,154/mo
Lowest payment- Down payment
- $136,367
- Funds due
- $148,194
- Interest + MI left
- $164,081
- First ends
- Apr 2051
Assumption
Assumption + second
$2,870/mo
+$716/mo- Down payment
- $47,367
- Funds due
- $60,576
- Interest + MI left
- $332,882
- First ends
- Apr 2051
New loan
New conventional
$3,265/mo
+$1,111/mo- Down payment
- $47,367
- Funds due
- $57,269
- Interest + MI left
- $610,565
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,633 | $328,633 | $417,633 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,533.25 | $1,533.25 | $2,829.19 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $268.46 | $268.46 | $83.53 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $2,154.38 | $2,870.49 | $3,265.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,367
Closing costs & prepaids$13,209
Usable credit−$0
Total buyer cash needed$60,576
Earnest money paid−$0
Remaining funds due$60,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Prepaid interest, first (6 days)$144.78
Prepaid interest, second (6 days)$131.67
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 2.68%
Interest already paid$53,886Through Dec 2026
Assumption only · ends Apr 2051$164,081
Assumption + second · ends Apr 2051, second Jan 2057$332,882
New conventional · ends Jan 2057$610,565