Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,198/mo
Lowest payment- Down payment
- $196,915
- Funds due
- $209,300
- Interest + MI left
- $120,635
- First ends
- Mar 2048
Assumption
Assumption + second
$3,291/mo
+$1,093/mo- Down payment
- $47,915
- Funds due
- $61,616
- Interest + MI left
- $365,227
- First ends
- Mar 2048
New loan
New conventional
$3,582/mo
+$1,385/mo- Down payment
- $47,915
- Funds due
- $58,154
- Interest + MI left
- $647,703
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,085 | $278,085 | $427,085 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,424.65 | $1,424.65 | $2,957.05 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $233.08 | $233.08 | $85.42 |
| Taxes, insurance & HOA | $539.83 | $539.83 | $539.83 |
| Total housing payment | $2,197.56 | $3,290.86 | $3,582.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,915
Closing costs & prepaids$13,700
Usable credit−$0
Total buyer cash needed$61,616
Earnest money paid−$0
Remaining funds due$61,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,119.50
Prepaid interest, first (2 days)$40.53
Prepaid interest, second (2 days)$65.32
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 closing21 yr 4 moOf the original 27-year loan at 2.660%
Interest already paid$45,911Through Nov 2026
Assumption only · ends Mar 2048$120,635
Assumption + second · ends Mar 2048, second Dec 2056$365,227
New conventional · ends Dec 2056$647,703