Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $204,080
- Funds due
- $216,114
- Interest + MI left
- $139,864
- First ends
- Sep 2051
Assumption
Assumption + second
$2,998/mo
+$1,145/mo- Down payment
- $48,080
- Funds due
- $61,671
- Interest + MI left
- $395,946
- First ends
- Sep 2051
New loan
New conventional
$3,371/mo
+$1,518/mo- Down payment
- $48,080
- Funds due
- $58,415
- Interest + MI left
- $631,538
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,920 | $275,920 | $431,920 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,271.95 | $1,271.95 | $2,925.98 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $222.71 | $222.71 | $86.38 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $1,853.33 | $2,998.00 | $3,371.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,080
Closing costs & prepaids$13,591
Usable credit−$0
Total buyer cash needed$61,671
Earnest money paid−$0
Remaining funds due$61,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (9 days)$182.33
Prepaid interest, second (9 days)$307.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.68%
Interest already paid$41,637Through Dec 2026
Assumption only · ends Sep 2051$139,864
Assumption + second · ends Sep 2051, second Jan 2057$395,946
New conventional · ends Jan 2057$631,538