Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $198,256
- Funds due
- $209,989
- Interest + MI left
- $129,992
- First ends
- Apr 2051
Assumption
Assumption + second
$2,873/mo
+$1,115/mo- Down payment
- $46,256
- Funds due
- $59,538
- Interest + MI left
- $379,508
- First ends
- Apr 2051
New loan
New conventional
$3,192/mo
+$1,434/mo- Down payment
- $46,256
- Funds due
- $56,275
- Interest + MI left
- $596,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,744 | $255,744 | $407,744 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,200.98 | $1,200.98 | $2,762.20 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $208.65 | $208.65 | $81.55 |
| Taxes, insurance & HOA | $348.25 | $348.25 | $348.25 |
| Total housing payment | $1,757.88 | $2,873.20 | $3,192.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,256
Closing costs & prepaids$13,282
Usable credit−$0
Total buyer cash needed$59,538
Earnest money paid−$0
Remaining funds due$59,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
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)$544.75
Prepaid interest, first (9 days)$172.78
Prepaid interest, second (9 days)$299.84
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$42,845Through Dec 2026
Assumption only · ends Apr 2051$129,992
Assumption + second · ends Apr 2051, second Jan 2057$379,508
New conventional · ends Jan 2057$596,108