Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $255,746
- Funds due
- $269,595
- Interest + MI left
- $163,303
- First ends
- Apr 2051
Assumption
Assumption + second
$3,887/mo
+$1,446/mo- Down payment
- $58,746
- Funds due
- $74,018
- Interest + MI left
- $486,689
- First ends
- Apr 2051
New loan
New conventional
$4,270/mo
+$1,828/mo- Down payment
- $58,746
- Funds due
- $70,517
- Interest + MI left
- $753,038
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,154 | $324,154 | $521,154 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,517.29 | $1,517.29 | $3,505.84 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $264.63 | $264.63 | $104.23 |
| Taxes, insurance & HOA | $659.58 | $659.58 | $659.58 |
| Total housing payment | $2,441.51 | $3,887.02 | $4,269.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,746
Closing costs & prepaids$15,272
Usable credit−$0
Total buyer cash needed$74,018
Earnest money paid−$0
Remaining funds due$74,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$1,478.75
Prepaid interest, first (4 days)$96.27
Prepaid interest, second (4 days)$172.71
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 2.71%
Interest already paid$53,729Through Dec 2026
Assumption only · ends Apr 2051$163,303
Assumption + second · ends Apr 2051, second Jan 2057$486,689
New conventional · ends Jan 2057$753,038