Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,726/mo
Lowest payment- Down payment
- $331,877
- Funds due
- $347,097
- Interest + MI left
- $198,279
- First ends
- Jan 2052
Assumption
Assumption + second
$4,603/mo
+$1,877/mo- Down payment
- $69,877
- Funds due
- $86,458
- Interest + MI left
- $611,999
- First ends
- Jan 2052
New loan
New conventional
$5,199/mo
+$2,473/mo- Down payment
- $69,877
- Funds due
- $82,794
- Interest + MI left
- $948,041
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,123 | $363,123 | $625,123 |
| Second mortgage | — | $262,000 | — |
| First P&I | $1,691.71 | $1,691.71 | $4,328.23 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $288.63 | $288.63 | $125.02 |
| Taxes, insurance & HOA | $745.83 | $745.83 | $745.83 |
| Total housing payment | $2,726.17 | $4,603.17 | $5,199.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,877
Closing costs & prepaids$16,581
Usable credit−$0
Total buyer cash needed$86,458
Earnest money paid−$0
Remaining funds due$86,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,950.00
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)$1,737.50
Prepaid interest, first (2 days)$57.30
Prepaid interest, second (2 days)$111.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing25 yr 2 moOf the original 30-year loan at 2.880%
Interest already paid$53,759Through Nov 2026
Assumption only · ends Jan 2052$198,279
Assumption + second · ends Jan 2052, second Dec 2056$611,999
New conventional · ends Dec 2056$948,041