Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $278,547
- Funds due
- $291,031
- Interest + MI left
- $124,150
- First ends
- Mar 2051
Assumption
Assumption + second
$3,355/mo
+$1,619/mo- Down payment
- $52,547
- Funds due
- $66,616
- Interest + MI left
- $481,023
- First ends
- Mar 2051
New loan
New conventional
$3,672/mo
+$1,936/mo- Down payment
- $52,547
- Funds due
- $63,227
- Interest + MI left
- $690,804
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,453 | $246,453 | $472,453 |
| Second mortgage | — | $226,000 | — |
| First P&I | $1,157.64 | $1,157.64 | $3,200.56 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | $201.64 | $201.64 | $94.49 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,735.95 | $3,355.05 | $3,671.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,547
Closing costs & prepaids$14,069
Usable credit−$0
Total buyer cash needed$66,616
Earnest money paid−$0
Remaining funds due$66,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (7 days)$128.56
Prepaid interest, second (7 days)$335.90
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 2.72%
Interest already paid$41,655Through Dec 2026
Assumption only · ends Mar 2051$124,150
Assumption + second · ends Mar 2051, second Jan 2057$481,023
New conventional · ends Jan 2057$690,804