Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,272/mo
Lowest payment- Down payment
- $311,397
- Funds due
- $328,063
- Interest + MI left
- $224,232
- First ends
- Feb 2051
Assumption
Assumption + second
$4,962/mo
+$1,691/mo- Down payment
- $75,397
- Funds due
- $93,414
- Interest + MI left
- $596,896
- First ends
- Feb 2051
New loan
New conventional
$5,647/mo
+$2,376/mo- Down payment
- $75,397
- Funds due
- $89,717
- Interest + MI left
- $1,023,081
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,603 | $438,603 | $674,603 |
| Second mortgage | — | $236,000 | — |
| First P&I | $2,071.38 | $2,071.38 | $4,670.81 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $358.47 | $358.47 | $134.92 |
| Taxes, insurance & HOA | $841.67 | $841.67 | $841.67 |
| Total housing payment | $3,271.51 | $4,962.25 | $5,647.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,397
Closing costs & prepaids$18,017
Usable credit−$0
Total buyer cash needed$93,414
Earnest money paid−$0
Remaining funds due$93,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,875.00
Prepaid interest, first (2 days)$66.57
Prepaid interest, second (2 days)$100.22
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$75,452Through Nov 2026
Assumption only · ends Feb 2051$224,232
Assumption + second · ends Feb 2051, second Dec 2056$596,896
New conventional · ends Dec 2056$1,023,081