Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,770/mo
Lowest payment- Down payment
- $338,524
- Funds due
- $353,899
- Interest + MI left
- $198,818
- First ends
- Sep 2051
Assumption
Assumption + second
$4,689/mo
+$1,920/mo- Down payment
- $70,524
- Funds due
- $87,377
- Interest + MI left
- $622,012
- First ends
- Sep 2051
New loan
New conventional
$5,121/mo
+$2,352/mo- Down payment
- $70,524
- Funds due
- $83,768
- Interest + MI left
- $909,412
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,376 | $361,376 | $629,376 |
| Second mortgage | — | $268,000 | — |
| First P&I | $1,717.83 | $1,717.83 | $4,233.85 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $290.09 | $290.09 | $125.88 |
| Taxes, insurance & HOA | $761.58 | $761.58 | $761.58 |
| Total housing payment | $2,769.50 | $4,689.49 | $5,121.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,524
Closing costs & prepaids$16,854
Usable credit−$0
Total buyer cash needed$87,377
Earnest money paid−$0
Remaining funds due$87,377
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.00
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)$1,784.75
Prepaid interest, first (4 days)$117.22
Prepaid interest, second (4 days)$227.62
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 9 moOf the original 30-year loan at 2.96%
Interest already paid$60,057Through Dec 2026
Assumption only · ends Sep 2051$198,818
Assumption + second · ends Sep 2051, second Jan 2057$622,012
New conventional · ends Jan 2057$909,412