Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,350/mo
Lowest payment- Down payment
- $274,635
- Funds due
- $288,264
- Interest + MI left
- $176,764
- First ends
- Jun 2051
Assumption
Assumption + second
$3,890/mo
+$1,540/mo- Down payment
- $59,635
- Funds due
- $74,560
- Interest + MI left
- $516,267
- First ends
- Jun 2051
New loan
New conventional
$4,354/mo
+$2,003/mo- Down payment
- $59,635
- Funds due
- $70,949
- Interest + MI left
- $804,076
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,265 | $315,265 | $530,265 |
| Second mortgage | — | $215,000 | — |
| First P&I | $1,520.24 | $1,520.24 | $3,671.45 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $253.79 | $253.79 | $106.05 |
| Taxes, insurance & HOA | $576.17 | $576.17 | $576.17 |
| Total housing payment | $2,350.20 | $3,890.49 | $4,353.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,635
Closing costs & prepaids$14,924
Usable credit−$0
Total buyer cash needed$74,560
Earnest money paid−$0
Remaining funds due$74,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.00
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)$1,228.50
Prepaid interest, first (1 days)$26.34
Prepaid interest, second (1 days)$45.65
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 7 moOf the original 30-year loan at 3.050%
Interest already paid$55,791Through Nov 2026
Assumption only · ends Jun 2051$176,764
Assumption + second · ends Jun 2051, second Dec 2056$516,267
New conventional · ends Dec 2056$804,076