Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,332/mo
Lowest payment- Down payment
- $223,502
- Funds due
- $234,390
- Interest + MI left
- $92,059
- First ends
- Mar 2051
Assumption
Assumption + second
$2,668/mo
+$1,335/mo- Down payment
- $41,502
- Funds due
- $53,879
- Interest + MI left
- $390,821
- First ends
- Mar 2051
New loan
New conventional
$2,877/mo
+$1,545/mo- Down payment
- $41,502
- Funds due
- $50,526
- Interest + MI left
- $537,343
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,498 | $185,498 | $367,498 |
| Second mortgage | — | $182,000 | — |
| First P&I | $866.61 | $866.61 | $2,489.56 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $151.94 | $151.94 | $73.50 |
| Taxes, insurance & HOA | $313.58 | $313.58 | $313.58 |
| Total housing payment | $1,332.14 | $2,667.59 | $2,876.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,502
Closing costs & prepaids$12,377
Usable credit−$0
Total buyer cash needed$53,879
Earnest money paid−$0
Remaining funds due$53,879
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,090.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$490.75
Prepaid interest, first (6 days)$81.42
Prepaid interest, second (6 days)$239.34
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$30,794Through Dec 2026
Assumption only · ends Mar 2051$92,059
Assumption + second · ends Mar 2051, second Jan 2057$390,821
New conventional · ends Jan 2057$537,343