Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,935/mo
Lowest payment- Down payment
- $190,277
- Funds due
- $202,264
- Interest + MI left
- $140,525
- First ends
- Sep 2051
Assumption
Assumption + second
$2,984/mo
+$1,049/mo- Down payment
- $47,277
- Funds due
- $60,546
- Interest + MI left
- $375,267
- First ends
- Sep 2051
New loan
New conventional
$3,423/mo
+$1,488/mo- Down payment
- $47,277
- Funds due
- $57,056
- Interest + MI left
- $633,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,723 | $274,723 | $417,723 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,266.24 | $1,266.24 | $2,892.23 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $221.13 | $221.13 | $83.54 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,934.87 | $2,984.15 | $3,423.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,277
Closing costs & prepaids$13,269
Usable credit−$0
Total buyer cash needed$60,546
Earnest money paid−$0
Remaining funds due$60,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$842.50
Prepaid interest, first (1 days)$20.32
Prepaid interest, second (1 days)$31.34
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 10 moOf the original 30-year loan at 2.700%
Interest already paid$41,040Through Nov 2026
Assumption only · ends Sep 2051$140,525
Assumption + second · ends Sep 2051, second Dec 2056$375,267
New conventional · ends Dec 2056$633,421