Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,200/mo
Lowest payment- Down payment
- $321,059
- Funds due
- $335,076
- Interest + MI left
- $142,216
- First ends
- Apr 2051
Assumption
Assumption + second
$4,070/mo
+$1,870/mo- Down payment
- $60,059
- Funds due
- $75,436
- Interest + MI left
- $554,357
- First ends
- Apr 2051
New loan
New conventional
$4,513/mo
+$2,313/mo- Down payment
- $60,059
- Funds due
- $71,852
- Interest + MI left
- $818,855
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,940 | $278,940 | $539,940 |
| Second mortgage | — | $261,000 | — |
| First P&I | $1,306.76 | $1,306.76 | $3,738.44 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $227.03 | $227.03 | $107.99 |
| Taxes, insurance & HOA | $666.67 | $666.67 | $666.67 |
| Total housing payment | $2,200.46 | $4,070.30 | $4,513.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,059
Closing costs & prepaids$15,378
Usable credit−$0
Total buyer cash needed$75,436
Earnest money paid−$0
Remaining funds due$75,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$1,500.00
Prepaid interest, first (2 days)$41.88
Prepaid interest, second (2 days)$110.84
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 closing24 yr 5 moOf the original 30-year loan at 2.740%
Interest already paid$45,981Through Nov 2026
Assumption only · ends Apr 2051$142,216
Assumption + second · ends Apr 2051, second Dec 2056$554,357
New conventional · ends Dec 2056$818,855