Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,376/mo
Lowest payment- Down payment
- $256,537
- Funds due
- $270,065
- Interest + MI left
- $188,319
- First ends
- Sep 2051
Assumption
Assumption + second
$3,807/mo
+$1,431/mo- Down payment
- $61,537
- Funds due
- $76,571
- Interest + MI left
- $508,421
- First ends
- Sep 2051
New loan
New conventional
$4,273/mo
+$1,897/mo- Down payment
- $61,537
- Funds due
- $73,138
- Interest + MI left
- $809,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,463 | $358,463 | $553,463 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,674.43 | $1,674.43 | $3,749.35 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $288.65 | $288.65 | $110.69 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $2,375.75 | $3,806.59 | $4,272.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,537
Closing costs & prepaids$15,034
Usable credit−$0
Total buyer cash needed$76,571
Earnest money paid−$0
Remaining funds due$76,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$738.00
Prepaid interest, first (6 days)$164.99
Prepaid interest, second (6 days)$256.44
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 2.8%
Interest already paid$56,444Through Dec 2026
Assumption only · ends Sep 2051$188,319
Assumption + second · ends Sep 2051, second Jan 2057$508,421
New conventional · ends Jan 2057$809,254