Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
Lowest payment- Down payment
- $259,393
- Funds due
- $273,138
- Interest + MI left
- $151,290
- First ends
- Jul 2051
Assumption
Assumption + second
$3,805/mo
+$1,469/mo- Down payment
- $54,393
- Funds due
- $69,431
- Interest + MI left
- $475,002
- First ends
- Jul 2051
New loan
New conventional
$4,242/mo
+$1,905/mo- Down payment
- $54,393
- Funds due
- $65,870
- Interest + MI left
- $736,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,607 | $280,607 | $485,607 |
| Second mortgage | — | $205,000 | — |
| First P&I | $1,328.24 | $1,328.24 | $3,362.24 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $226.04 | $226.04 | $97.12 |
| Taxes, insurance & HOA | $782.50 | $782.50 | $782.50 |
| Total housing payment | $2,336.78 | $3,805.43 | $4,241.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,393
Closing costs & prepaids$15,038
Usable credit−$0
Total buyer cash needed$69,431
Earnest money paid−$0
Remaining funds due$69,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$1,847.50
Prepaid interest, first (1 days)$22.29
Prepaid interest, second (1 days)$43.53
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 8 moOf the original 30-year loan at 2.900%
Interest already paid$46,501Through Nov 2026
Assumption only · ends Jul 2051$151,290
Assumption + second · ends Jul 2051, second Dec 2056$475,002
New conventional · ends Dec 2056$736,456