Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,172/mo
Lowest payment- Down payment
- $255,565
- Funds due
- $269,150
- Interest + MI left
- $113,180
- First ends
- Feb 2051
Assumption
Assumption + second
$3,655/mo
+$1,483/mo- Down payment
- $48,565
- Funds due
- $63,444
- Interest + MI left
- $440,051
- First ends
- Feb 2051
New loan
New conventional
$4,024/mo
+$1,852/mo- Down payment
- $48,565
- Funds due
- $59,936
- Interest + MI left
- $661,883
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,435 | $229,435 | $436,435 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,069.56 | $1,069.56 | $3,021.79 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $188.01 | $188.01 | $87.29 |
| Taxes, insurance & HOA | $914.50 | $914.50 | $914.50 |
| Total housing payment | $2,172.07 | $3,655.04 | $4,023.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,565
Closing costs & prepaids$14,879
Usable credit−$0
Total buyer cash needed$63,444
Earnest money paid−$0
Remaining funds due$63,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$2,243.50
Prepaid interest, first (1 days)$16.66
Prepaid interest, second (1 days)$43.95
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 2.650%
Interest already paid$37,811Through Nov 2026
Assumption only · ends Feb 2051$113,180
Assumption + second · ends Feb 2051, second Dec 2056$440,051
New conventional · ends Dec 2056$661,883