Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,889/mo
Lowest payment- Down payment
- $257,015
- Funds due
- $269,777
- Interest + MI left
- $132,661
- First ends
- Jun 2052
Assumption
Assumption + second
$3,372/mo
+$1,483/mo- Down payment
- $50,015
- Funds due
- $64,115
- Interest + MI left
- $459,532
- First ends
- Jun 2052
New loan
New conventional
$3,789/mo
+$1,900/mo- Down payment
- $50,015
- Funds due
- $60,622
- Interest + MI left
- $682,433
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,985 | $242,985 | $449,985 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,110.66 | $1,110.66 | $3,115.61 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $195.22 | $195.22 | $90.00 |
| Taxes, insurance & HOA | $583.33 | $583.33 | $583.33 |
| Total housing payment | $1,889.22 | $3,372.19 | $3,788.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,015
Closing costs & prepaids$14,100
Usable credit−$0
Total buyer cash needed$64,115
Earnest money paid−$0
Remaining funds due$64,115
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$1,250.00
Prepaid interest, first (2 days)$37.41
Prepaid interest, second (2 days)$87.90
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 closing25 yr 7 moOf the original 31-year loan at 2.810%
Interest already paid$39,568Through Nov 2026
Assumption only · ends Jun 2052$132,661
Assumption + second · ends Jun 2052, second Dec 2056$459,532
New conventional · ends Dec 2056$682,433