Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,215/mo
Lowest payment- Down payment
- $340,659
- Funds due
- $352,782
- Interest + MI left
- $78,450
- First ends
- Apr 2051
Assumption
Assumption + second
$3,300/mo
+$2,085/mo- Down payment
- $49,659
- Funds due
- $63,588
- Interest + MI left
- $537,964
- First ends
- Apr 2051
New loan
New conventional
$3,471/mo
+$2,255/mo- Down payment
- $49,659
- Funds due
- $60,170
- Interest + MI left
- $651,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,341 | $154,341 | $445,341 |
| Second mortgage | — | $291,000 | — |
| First P&I | $724.79 | $724.79 | $3,016.90 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | $125.92 | $125.92 | $89.07 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $1,215.38 | $3,300.14 | $3,470.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,659
Closing costs & prepaids$13,929
Usable credit−$0
Total buyer cash needed$63,588
Earnest money paid−$0
Remaining funds due$63,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Prepaid interest, first (9 days)$104.28
Prepaid interest, second (9 days)$556.09
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$25,857Through Dec 2026
Assumption only · ends Apr 2051$78,450
Assumption + second · ends Apr 2051, second Jan 2057$537,964
New conventional · ends Jan 2057$651,162