Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,877/mo
Lowest payment- Down payment
- $203,426
- Funds due
- $215,369
- Interest + MI left
- $140,621
- First ends
- Sep 2051
Assumption
Assumption + second
$3,015/mo
+$1,137/mo- Down payment
- $48,426
- Funds due
- $61,653
- Interest + MI left
- $395,061
- First ends
- Sep 2051
New loan
New conventional
$3,457/mo
+$1,580/mo- Down payment
- $48,426
- Funds due
- $58,152
- Interest + MI left
- $654,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,574 | $276,574 | $431,574 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,271.95 | $1,271.95 | $2,988.13 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $222.71 | $222.71 | $86.31 |
| Taxes, insurance & HOA | $382.75 | $382.75 | $382.75 |
| Total housing payment | $1,877.41 | $3,014.74 | $3,457.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,426
Closing costs & prepaids$13,228
Usable credit−$0
Total buyer cash needed$61,653
Earnest money paid−$0
Remaining funds due$61,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$648.25
Prepaid interest, first (1 days)$20.31
Prepaid interest, second (1 days)$33.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 2.680%
Interest already paid$41,019Through Nov 2026
Assumption only · ends Sep 2051$140,621
Assumption + second · ends Sep 2051, second Dec 2056$395,061
New conventional · ends Dec 2056$654,511