Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $227,340
- Funds due
- $239,596
- Interest + MI left
- $136,902
- First ends
- Apr 2051
Assumption
Assumption + second
$3,162/mo
+$1,299/mo- Down payment
- $50,340
- Funds due
- $64,195
- Interest + MI left
- $427,456
- First ends
- Apr 2051
New loan
New conventional
$3,502/mo
+$1,638/mo- Down payment
- $50,340
- Funds due
- $60,907
- Interest + MI left
- $657,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,560 | $272,560 | $449,560 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,274.40 | $1,274.40 | $3,045.48 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $222.56 | $222.56 | $89.91 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,863.63 | $3,162.40 | $3,502.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,340
Closing costs & prepaids$13,855
Usable credit−$0
Total buyer cash needed$64,195
Earnest money paid−$0
Remaining funds due$64,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Prepaid interest, first (9 days)$181.46
Prepaid interest, second (9 days)$349.15
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 2.7%
Interest already paid$45,015Through Dec 2026
Assumption only · ends Apr 2051$136,902
Assumption + second · ends Apr 2051, second Jan 2057$427,456
New conventional · ends Jan 2057$657,331