Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,620/mo
Lowest payment- Down payment
- $326,051
- Funds due
- $338,786
- Interest + MI left
- $113,495
- First ends
- Apr 2051
Assumption
Assumption + second
$3,561/mo
+$1,941/mo- Down payment
- $55,051
- Funds due
- $69,382
- Interest + MI left
- $541,426
- First ends
- Apr 2051
New loan
New conventional
$3,839/mo
+$2,219/mo- Down payment
- $55,051
- Funds due
- $65,920
- Interest + MI left
- $723,697
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,949 | $223,949 | $494,949 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,050.53 | $1,050.53 | $3,352.96 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | $182.75 | $182.75 | $98.99 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,619.95 | $3,561.42 | $3,838.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,051
Closing costs & prepaids$14,331
Usable credit−$0
Total buyer cash needed$69,382
Earnest money paid−$0
Remaining funds due$69,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (6 days)$100.50
Prepaid interest, second (6 days)$345.25
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 2.73%
Interest already paid$37,385Through Dec 2026
Assumption only · ends Apr 2051$113,495
Assumption + second · ends Apr 2051, second Jan 2057$541,426
New conventional · ends Jan 2057$723,697