Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,796/mo
Lowest payment- Down payment
- $258,338
- Funds due
- $270,835
- Interest + MI left
- $113,787
- First ends
- Jan 2051
Assumption
Assumption + second
$3,300/mo
+$1,504/mo- Down payment
- $48,338
- Funds due
- $62,174
- Interest + MI left
- $445,395
- First ends
- Jan 2051
New loan
New conventional
$3,634/mo
+$1,838/mo- Down payment
- $48,338
- Funds due
- $58,692
- Interest + MI left
- $653,128
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,662 | $220,662 | $430,662 |
| Second mortgage | — | $210,000 | — |
| First P&I | $1,049.14 | $1,049.14 | $2,981.82 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $180.63 | $180.63 | $86.13 |
| Taxes, insurance & HOA | $565.83 | $565.83 | $565.83 |
| Total housing payment | $1,795.60 | $3,300.06 | $3,633.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,338
Closing costs & prepaids$13,836
Usable credit−$0
Total buyer cash needed$62,174
Earnest money paid−$0
Remaining funds due$62,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$1,197.50
Prepaid interest, first (2 days)$33.98
Prepaid interest, second (2 days)$89.18
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$39,101Through Nov 2026
Assumption only · ends Jan 2051$113,787
Assumption + second · ends Jan 2051, second Dec 2056$445,395
New conventional · ends Dec 2056$653,128