Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,181/mo
Lowest payment- Down payment
- $328,576
- Funds due
- $342,481
- Interest + MI left
- $172,436
- First ends
- Dec 2051
Assumption
Assumption + second
$4,065/mo
+$1,884/mo- Down payment
- $65,576
- Funds due
- $81,066
- Interest + MI left
- $587,735
- First ends
- Dec 2051
New loan
New conventional
$4,503/mo
+$2,322/mo- Down payment
- $65,576
- Funds due
- $77,565
- Interest + MI left
- $854,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,424 | $321,424 | $584,424 |
| Second mortgage | — | $263,000 | — |
| First P&I | $1,497.62 | $1,497.62 | $3,959.09 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | $256.84 | $256.84 | $116.88 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,181.12 | $4,065.29 | $4,502.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,576
Closing costs & prepaids$15,490
Usable credit−$0
Total buyer cash needed$81,066
Earnest money paid−$0
Remaining funds due$81,066
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Prepaid interest, first (6 days)$150.06
Prepaid interest, second (6 days)$335.05
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 closing25 yrOf the original 30-year loan at 2.84%
Interest already paid$48,683Through Dec 2026
Assumption only · ends Dec 2051$172,436
Assumption + second · ends Dec 2051, second Jan 2057$587,735
New conventional · ends Jan 2057$854,525