Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,036/mo
Lowest payment- Down payment
- $270,891
- Funds due
- $283,881
- Interest + MI left
- $147,996
- First ends
- Mar 2051
Assumption
Assumption + second
$3,562/mo
+$1,526/mo- Down payment
- $57,891
- Funds due
- $72,402
- Interest + MI left
- $484,341
- First ends
- Mar 2051
New loan
New conventional
$3,966/mo
+$1,931/mo- Down payment
- $57,891
- Funds due
- $68,976
- Interest + MI left
- $748,686
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,109 | $299,109 | $512,109 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,395.87 | $1,395.87 | $3,469.20 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $245.05 | $245.05 | $102.42 |
| Taxes, insurance & HOA | $394.67 | $394.67 | $394.67 |
| Total housing payment | $2,035.59 | $3,561.55 | $3,966.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,891
Closing costs & prepaids$14,511
Usable credit−$0
Total buyer cash needed$72,402
Earnest money paid−$0
Remaining funds due$72,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$684.00
Prepaid interest, first (6 days)$130.79
Prepaid interest, second (6 days)$271.36
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 3 moOf the original 30-year loan at 2.66%
Interest already paid$49,474Through Dec 2026
Assumption only · ends Mar 2051$147,996
Assumption + second · ends Mar 2051, second Jan 2057$484,341
New conventional · ends Jan 2057$748,686