Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $186,298
- Funds due
- $198,219
- Interest + MI left
- $143,277
- First ends
- Mar 2051
Assumption
Assumption + second
$2,955/mo
+$1,013/mo- Down payment
- $48,298
- Funds due
- $61,651
- Interest + MI left
- $369,812
- First ends
- Mar 2051
New loan
New conventional
$3,333/mo
+$1,391/mo- Down payment
- $48,298
- Funds due
- $58,314
- Interest + MI left
- $623,824
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,702 | $288,702 | $426,702 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,348.77 | $1,348.77 | $2,890.63 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $236.47 | $236.47 | $85.34 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,941.91 | $2,954.50 | $3,332.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,298
Closing costs & prepaids$13,353
Usable credit−$0
Total buyer cash needed$61,651
Earnest money paid−$0
Remaining funds due$61,651
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (6 days)$126.71
Prepaid interest, second (6 days)$181.48
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 2.67%
Interest already paid$47,927Through Dec 2026
Assumption only · ends Mar 2051$143,277
Assumption + second · ends Mar 2051, second Jan 2057$369,812
New conventional · ends Jan 2057$623,824