Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $353,821
- Funds due
- $366,063
- Interest + MI left
- $114,758
- First ends
- Mar 2051
Assumption
Assumption + second
$3,514/mo
+$2,121/mo- Down payment
- $57,821
- Funds due
- $71,375
- Interest + MI left
- $582,167
- First ends
- Mar 2051
New loan
New conventional
$3,851/mo
+$2,458/mo- Down payment
- $57,821
- Funds due
- $67,773
- Interest + MI left
- $784,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,179 | $221,179 | $517,179 |
| Second mortgage | — | $296,000 | — |
| First P&I | $1,046.57 | $1,046.57 | $3,580.84 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | $180.18 | $180.18 | $103.44 |
| Taxes, insurance & HOA | $166.67 | $166.67 | $166.67 |
| Total housing payment | $1,393.41 | $3,513.99 | $3,850.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,821
Closing costs & prepaids$13,555
Usable credit−$0
Total buyer cash needed$71,375
Earnest money paid−$0
Remaining funds due$71,375
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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
Prepaid interest, first (1 days)$17.03
Prepaid interest, second (1 days)$62.85
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 4 moOf the original 30-year loan at 2.810%
Interest already paid$37,971Through Nov 2026
Assumption only · ends Mar 2051$114,758
Assumption + second · ends Mar 2051, second Dec 2056$582,167
New conventional · ends Dec 2056$784,337