Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,419/mo
Lowest payment- Down payment
- $258,546
- Funds due
- $272,441
- Interest + MI left
- $152,089
- First ends
- Mar 2051
Assumption
Assumption + second
$3,866/mo
+$1,447/mo- Down payment
- $56,546
- Funds due
- $71,777
- Interest + MI left
- $471,064
- First ends
- Mar 2051
New loan
New conventional
$4,364/mo
+$1,945/mo- Down payment
- $56,546
- Funds due
- $68,237
- Interest + MI left
- $771,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,454 | $306,454 | $508,454 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,426.66 | $1,426.66 | $3,520.43 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $250.45 | $250.45 | $101.69 |
| Taxes, insurance & HOA | $741.83 | $741.83 | $741.83 |
| Total housing payment | $2,418.95 | $3,866.10 | $4,363.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,546
Closing costs & prepaids$15,231
Usable credit−$0
Total buyer cash needed$71,777
Earnest money paid−$0
Remaining funds due$71,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$1,725.50
Prepaid interest, first (2 days)$44.67
Prepaid interest, second (2 days)$85.78
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 4 moOf the original 30-year loan at 2.660%
Interest already paid$49,886Through Nov 2026
Assumption only · ends Mar 2051$152,089
Assumption + second · ends Mar 2051, second Dec 2056$471,064
New conventional · ends Dec 2056$771,105