Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,576/mo
Lowest payment- Down payment
- $275,281
- Funds due
- $288,716
- Interest + MI left
- $423,415
- First ends
- Mar 2055
Assumption
Assumption + second
$4,130/mo
+$1,555/mo- Down payment
- $58,281
- Funds due
- $73,381
- Interest + MI left
- $766,076
- First ends
- Mar 2055
New loan
New conventional
$4,000/mo
+$1,425/mo- Down payment
- $58,281
- Funds due
- $69,728
- Interest + MI left
- $755,529
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,719 | $299,719 | $516,719 |
| Second mortgage | — | $217,000 | — |
| First P&I | $2,039.04 | $2,039.04 | $3,500.43 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $139.91 | $139.91 | $103.34 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $2,575.62 | $4,130.23 | $4,000.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,281
Closing costs & prepaids$15,100
Usable credit−$0
Total buyer cash needed$73,381
Earnest money paid−$0
Remaining funds due$73,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (9 days)$520.28
Prepaid interest, second (9 days)$414.68
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 closing28 yr 3 moOf the original 30-year loan at 7.04%
Interest already paid$37,289Through Dec 2026
Assumption only · ends Mar 2055$423,415
Assumption + second · ends Mar 2055, second Jan 2057$766,076
New conventional · ends Jan 2057$755,529