Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $270,934
- Funds due
- $283,012
- Interest + MI left
- $125,467
- First ends
- Feb 2051
Assumption
Assumption + second
$3,230/mo
+$1,562/mo- Down payment
- $52,934
- Funds due
- $66,309
- Interest + MI left
- $469,707
- First ends
- Feb 2051
New loan
New conventional
$3,622/mo
+$1,954/mo- Down payment
- $52,934
- Funds due
- $62,759
- Interest + MI left
- $708,244
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,066 | $249,066 | $467,066 |
| Second mortgage | — | $218,000 | — |
| First P&I | $1,169.91 | $1,169.91 | $3,233.87 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $203.78 | $203.78 | $93.41 |
| Taxes, insurance & HOA | $294.83 | $294.83 | $294.83 |
| Total housing payment | $1,668.53 | $3,230.31 | $3,622.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,934
Closing costs & prepaids$13,374
Usable credit−$0
Total buyer cash needed$66,309
Earnest money paid−$0
Remaining funds due$66,309
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$384.50
Prepaid interest, first (1 days)$18.56
Prepaid interest, second (1 days)$46.29
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$42,097Through Nov 2026
Assumption only · ends Feb 2051$125,467
Assumption + second · ends Feb 2051, second Dec 2056$469,707
New conventional · ends Dec 2056$708,244