Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,065/mo
Lowest payment- Down payment
- $256,953
- Funds due
- $267,667
- Interest + MI left
- $74,478
- First ends
- Nov 2051
Assumption
Assumption + second
$2,620/mo
+$1,555/mo- Down payment
- $39,953
- Funds due
- $52,194
- Interest + MI left
- $417,139
- First ends
- Nov 2051
New loan
New conventional
$2,784/mo
+$1,719/mo- Down payment
- $39,953
- Funds due
- $48,822
- Interest + MI left
- $519,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,047 | $138,047 | $355,047 |
| Second mortgage | — | $217,000 | — |
| First P&I | $646.82 | $646.82 | $2,405.21 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $110.50 | $110.50 | $71.01 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,065.32 | $2,619.93 | $2,784.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,953
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$52,194
Earnest money paid−$0
Remaining funds due$52,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (6 days)$65.13
Prepaid interest, second (6 days)$276.45
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$21,503Through Dec 2026
Assumption only · ends Nov 2051$74,478
Assumption + second · ends Nov 2051, second Jan 2057$417,139
New conventional · ends Jan 2057$519,137