Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,134/mo
Lowest payment- Down payment
- $306,051
- Funds due
- $319,782
- Interest + MI left
- $138,400
- First ends
- Jan 2051
Assumption
Assumption + second
$3,918/mo
+$1,784/mo- Down payment
- $57,051
- Funds due
- $72,296
- Interest + MI left
- $531,592
- First ends
- Jan 2051
New loan
New conventional
$4,228/mo
+$2,094/mo- Down payment
- $57,051
- Funds due
- $68,812
- Interest + MI left
- $749,870
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,849 | $263,849 | $512,849 |
| Second mortgage | — | $249,000 | — |
| First P&I | $1,266.96 | $1,266.96 | $3,474.22 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | $216.16 | $216.16 | $102.57 |
| Taxes, insurance & HOA | $651.08 | $651.08 | $651.08 |
| Total housing payment | $2,134.20 | $3,918.07 | $4,227.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,051
Closing costs & prepaids$15,246
Usable credit−$0
Total buyer cash needed$72,296
Earnest money paid−$0
Remaining funds due$72,296
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$1,453.25
Prepaid interest, first (5 days)$104.09
Prepaid interest, second (5 days)$264.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 2.88%
Interest already paid$48,630Through Dec 2026
Assumption only · ends Jan 2051$138,400
Assumption + second · ends Jan 2051, second Jan 2057$531,592
New conventional · ends Jan 2057$749,870