Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,346/mo
Lowest payment- Down payment
- $215,399
- Funds due
- $228,375
- Interest + MI left
- $195,616
- First ends
- Sep 2051
Assumption
Assumption + second
$3,505/mo
+$1,159/mo- Down payment
- $57,399
- Funds due
- $71,833
- Interest + MI left
- $454,981
- First ends
- Sep 2051
New loan
New conventional
$3,933/mo
+$1,587/mo- Down payment
- $57,399
- Funds due
- $68,427
- Interest + MI left
- $742,095
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,601 | $349,601 | $507,601 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,672.74 | $1,672.74 | $3,438.67 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | $280.32 | $280.32 | $101.52 |
| Taxes, insurance & HOA | $392.67 | $392.67 | $392.67 |
| Total housing payment | $2,345.72 | $3,505.07 | $3,932.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,399
Closing costs & prepaids$14,434
Usable credit−$0
Total buyer cash needed$71,833
Earnest money paid−$0
Remaining funds due$71,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Prepaid interest, first (6 days)$173.56
Prepaid interest, second (6 days)$207.78
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$59,242Through Dec 2026
Assumption only · ends Sep 2051$195,616
Assumption + second · ends Sep 2051, second Jan 2057$454,981
New conventional · ends Jan 2057$742,095