Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,034/mo
Lowest payment- Down payment
- $222,396
- Funds due
- $234,999
- Interest + MI left
- $136,909
- First ends
- Apr 2051
Assumption
Assumption + second
$3,303/mo
+$1,269/mo- Down payment
- $49,396
- Funds due
- $63,325
- Interest + MI left
- $420,898
- First ends
- Apr 2051
New loan
New conventional
$3,690/mo
+$1,656/mo- Down payment
- $49,396
- Funds due
- $59,842
- Interest + MI left
- $663,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,604 | $264,604 | $437,604 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,246.35 | $1,246.35 | $3,029.88 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $215.14 | $215.14 | $87.52 |
| Taxes, insurance & HOA | $572.50 | $572.50 | $572.50 |
| Total housing payment | $2,033.99 | $3,303.40 | $3,689.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,396
Closing costs & prepaids$13,929
Usable credit−$0
Total buyer cash needed$63,325
Earnest money paid−$0
Remaining funds due$63,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,870.00
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)$1,217.50
Prepaid interest, first (2 days)$40.45
Prepaid interest, second (2 days)$75.84
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 closing24 yr 5 moOf the original 30-year loan at 2.790%
Interest already paid$44,390Through Nov 2026
Assumption only · ends Apr 2051$136,909
Assumption + second · ends Apr 2051, second Dec 2056$420,898
New conventional · ends Dec 2056$663,568