Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,403/mo
Lowest payment- Down payment
- $254,752
- Funds due
- $266,142
- Interest + MI left
- $97,813
- First ends
- Mar 2051
Assumption
Assumption + second
$2,900/mo
+$1,497/mo- Down payment
- $45,752
- Funds due
- $58,791
- Interest + MI left
- $427,841
- First ends
- Mar 2051
New loan
New conventional
$3,146/mo
+$1,743/mo- Down payment
- $45,752
- Funds due
- $55,469
- Interest + MI left
- $590,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,748 | $194,748 | $403,748 |
| Second mortgage | — | $209,000 | — |
| First P&I | $913.78 | $913.78 | $2,735.13 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $159.38 | $159.38 | $80.75 |
| Taxes, insurance & HOA | $329.83 | $329.83 | $329.83 |
| Total housing payment | $1,402.99 | $2,900.29 | $3,145.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,752
Closing costs & prepaids$13,039
Usable credit−$0
Total buyer cash needed$58,791
Earnest money paid−$0
Remaining funds due$58,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$539.50
Prepaid interest, first (9 days)$130.13
Prepaid interest, second (9 days)$399.39
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 3 moOf the original 30-year loan at 2.71%
Interest already paid$32,799Through Dec 2026
Assumption only · ends Mar 2051$97,813
Assumption + second · ends Mar 2051, second Jan 2057$427,841
New conventional · ends Jan 2057$590,266