Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,527/mo
Lowest payment- Down payment
- $238,463
- Funds due
- $252,285
- Interest + MI left
- $176,138
- First ends
- Apr 2051
Assumption
Assumption + second
$3,848/mo
+$1,321/mo- Down payment
- $58,463
- Funds due
- $73,732
- Interest + MI left
- $471,618
- First ends
- Apr 2051
New loan
New conventional
$4,258/mo
+$1,731/mo- Down payment
- $58,463
- Funds due
- $70,278
- Interest + MI left
- $755,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,537 | $336,537 | $516,537 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,597.58 | $1,597.58 | $3,499.20 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $273.98 | $273.98 | $103.31 |
| Taxes, insurance & HOA | $655.42 | $655.42 | $655.42 |
| Total housing payment | $2,526.98 | $3,847.75 | $4,257.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,463
Closing costs & prepaids$15,269
Usable credit−$0
Total buyer cash needed$73,732
Earnest money paid−$0
Remaining funds due$73,732
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$1,466.25
Prepaid interest, first (5 days)$130.93
Prepaid interest, second (5 days)$197.26
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 4 moOf the original 30-year loan at 2.84%
Interest already paid$58,372Through Dec 2026
Assumption only · ends Apr 2051$176,138
Assumption + second · ends Apr 2051, second Jan 2057$471,618
New conventional · ends Jan 2057$755,159