Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,269/mo
Lowest payment- Down payment
- $356,746
- Funds due
- $371,160
- Interest + MI left
- $167,384
- First ends
- Apr 2051
Assumption
Assumption + second
$4,325/mo
+$2,056/mo- Down payment
- $69,746
- Funds due
- $85,959
- Interest + MI left
- $620,581
- First ends
- Apr 2051
New loan
New conventional
$4,761/mo
+$2,492/mo- Down payment
- $69,746
- Funds due
- $82,537
- Interest + MI left
- $905,452
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,254 | $332,254 | $619,254 |
| Second mortgage | — | $287,000 | — |
| First P&I | $1,555.20 | $1,555.20 | $4,195.04 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | $271.25 | $271.25 | $123.85 |
| Taxes, insurance & HOA | $442.25 | $442.25 | $442.25 |
| Total housing payment | $2,268.70 | $4,324.80 | $4,761.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,746
Closing costs & prepaids$16,212
Usable credit−$0
Total buyer cash needed$85,959
Earnest money paid−$0
Remaining funds due$85,959
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,890.00
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)$826.75
Prepaid interest, first (9 days)$222.02
Prepaid interest, second (9 days)$548.45
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 2.71%
Interest already paid$55,071Through Dec 2026
Assumption only · ends Apr 2051$167,384
Assumption + second · ends Apr 2051, second Jan 2057$620,581
New conventional · ends Jan 2057$905,452