Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,589/mo
Lowest payment- Down payment
- $233,214
- Funds due
- $247,093
- Interest + MI left
- $173,619
- First ends
- Apr 2051
Assumption
Assumption + second
$3,873/mo
+$1,284/mo- Down payment
- $58,214
- Funds due
- $73,381
- Interest + MI left
- $460,891
- First ends
- Apr 2051
New loan
New conventional
$4,410/mo
+$1,820/mo- Down payment
- $58,214
- Funds due
- $69,791
- Interest + MI left
- $791,172
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,686 | $346,686 | $521,686 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,613.56 | $1,613.56 | $3,612.05 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $282.53 | $282.53 | $104.34 |
| Taxes, insurance & HOA | $693.17 | $693.17 | $693.17 |
| Total housing payment | $2,589.25 | $3,873.34 | $4,409.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,214
Closing costs & prepaids$15,167
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%)$5,799.00
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)$1,579.50
Prepaid interest, first (1 days)$25.46
Prepaid interest, second (1 days)$38.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 2.680%
Interest already paid$55,935Through Nov 2026
Assumption only · ends Apr 2051$173,619
Assumption + second · ends Apr 2051, second Dec 2056$460,891
New conventional · ends Dec 2056$791,172