Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,502/mo
Lowest payment- Down payment
- $263,953
- Funds due
- $277,938
- Interest + MI left
- $177,037
- First ends
- Apr 2051
Assumption
Assumption + second
$3,963/mo
+$1,461/mo- Down payment
- $59,953
- Funds due
- $75,361
- Interest + MI left
- $499,170
- First ends
- Apr 2051
New loan
New conventional
$4,339/mo
+$1,837/mo- Down payment
- $59,953
- Funds due
- $71,845
- Interest + MI left
- $765,743
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,947 | $325,947 | $529,947 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,569.10 | $1,569.10 | $3,564.99 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $264.64 | $264.64 | $105.99 |
| Taxes, insurance & HOA | $668.08 | $668.08 | $668.08 |
| Total housing payment | $2,501.83 | $3,963.31 | $4,339.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,953
Closing costs & prepaids$15,408
Usable credit−$0
Total buyer cash needed$75,361
Earnest money paid−$0
Remaining funds due$75,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.00
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)$1,504.25
Prepaid interest, first (4 days)$106.09
Prepaid interest, second (4 days)$173.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2.97%
Interest already paid$59,039Through Dec 2026
Assumption only · ends Apr 2051$177,037
Assumption + second · ends Apr 2051, second Jan 2057$499,170
New conventional · ends Jan 2057$765,743