Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,690/mo
Lowest payment- Down payment
- $248,682
- Funds due
- $265,446
- Interest + MI left
- $263,711
- First ends
- Feb 2051
Assumption
Assumption + second
$4,952/mo
+$1,262/mo- Down payment
- $76,682
- Funds due
- $94,734
- Interest + MI left
- $546,058
- First ends
- Feb 2051
New loan
New conventional
$5,718/mo
+$2,028/mo- Down payment
- $76,682
- Funds due
- $90,979
- Interest + MI left
- $1,036,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $511,318 | $511,318 | $683,318 |
| Second mortgage | — | $172,000 | — |
| First P&I | $2,422.61 | $2,422.61 | $4,731.16 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $417.63 | $417.63 | $136.66 |
| Taxes, insurance & HOA | $850.00 | $850.00 | $850.00 |
| Total housing payment | $3,690.24 | $4,952.32 | $5,717.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,682
Closing costs & prepaids$18,052
Usable credit−$0
Total buyer cash needed$94,734
Earnest money paid−$0
Remaining funds due$94,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,900.00
Prepaid interest, first (1 days)$39.22
Prepaid interest, second (1 days)$37.70
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 3 moOf the original 30-year loan at 2.800%
Interest already paid$88,884Through Nov 2026
Assumption only · ends Feb 2051$263,711
Assumption + second · ends Feb 2051, second Dec 2056$546,058
New conventional · ends Dec 2056$1,036,298