Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,461/mo
Lowest payment- Down payment
- $305,419
- Funds due
- $320,068
- Interest + MI left
- $139,163
- First ends
- Jan 2051
Assumption
Assumption + second
$4,238/mo
+$1,777/mo- Down payment
- $57,419
- Funds due
- $73,423
- Interest + MI left
- $530,775
- First ends
- Jan 2051
New loan
New conventional
$4,629/mo
+$2,168/mo- Down payment
- $57,419
- Funds due
- $69,860
- Interest + MI left
- $777,212
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,481 | $264,481 | $512,481 |
| Second mortgage | — | $248,000 | — |
| First P&I | $1,266.96 | $1,266.96 | $3,548.31 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $216.16 | $216.16 | $102.50 |
| Taxes, insurance & HOA | $977.83 | $977.83 | $977.83 |
| Total housing payment | $2,460.95 | $4,237.66 | $4,628.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,419
Closing costs & prepaids$16,005
Usable credit−$0
Total buyer cash needed$73,423
Earnest money paid−$0
Remaining funds due$73,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$2,433.50
Prepaid interest, first (2 days)$41.74
Prepaid interest, second (2 days)$105.32
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 2.880%
Interest already paid$47,995Through Nov 2026
Assumption only · ends Jan 2051$139,163
Assumption + second · ends Jan 2051, second Dec 2056$530,775
New conventional · ends Dec 2056$777,212