Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,448/mo
Lowest payment- Down payment
- $218,960
- Funds due
- $232,335
- Interest + MI left
- $173,352
- First ends
- Jun 2051
Assumption
Assumption + second
$3,644/mo
+$1,196/mo- Down payment
- $55,960
- Funds due
- $70,621
- Interest + MI left
- $440,926
- First ends
- Jun 2051
New loan
New conventional
$4,144/mo
+$1,696/mo- Down payment
- $55,960
- Funds due
- $67,051
- Interest + MI left
- $749,146
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,040 | $331,040 | $494,040 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,555.30 | $1,555.30 | $3,420.63 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $267.77 | $267.77 | $98.81 |
| Taxes, insurance & HOA | $625.00 | $625.00 | $625.00 |
| Total housing payment | $2,448.07 | $3,644.10 | $4,144.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,960
Closing costs & prepaids$14,661
Usable credit−$0
Total buyer cash needed$70,621
Earnest money paid−$0
Remaining funds due$70,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$1,375.00
Prepaid interest, first (1 days)$25.49
Prepaid interest, second (1 days)$35.73
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 7 moOf the original 30-year loan at 2.810%
Interest already paid$54,108Through Nov 2026
Assumption only · ends Jun 2051$173,352
Assumption + second · ends Jun 2051, second Dec 2056$440,926
New conventional · ends Dec 2056$749,146