Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,128/mo
Lowest payment- Down payment
- $327,847
- Funds due
- $339,401
- Interest + MI left
- $86,098
- First ends
- Mar 2051
Assumption
Assumption + second
$3,120/mo
+$1,992/mo- Down payment
- $49,847
- Funds due
- $62,710
- Interest + MI left
- $525,083
- First ends
- Mar 2051
New loan
New conventional
$3,358/mo
+$2,230/mo- Down payment
- $49,847
- Funds due
- $59,179
- Interest + MI left
- $667,434
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,153 | $162,153 | $440,153 |
| Second mortgage | — | $278,000 | — |
| First P&I | $773.92 | $773.92 | $3,047.53 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $131.87 | $131.87 | $88.03 |
| Taxes, insurance & HOA | $222.08 | $222.08 | $222.08 |
| Total housing payment | $1,127.88 | $3,119.50 | $3,357.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,847
Closing costs & prepaids$12,863
Usable credit−$0
Total buyer cash needed$62,710
Earnest money paid−$0
Remaining funds due$62,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$166.25
Prepaid interest, first (1 days)$12.84
Prepaid interest, second (1 days)$59.03
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 4 moOf the original 30-year loan at 2.890%
Interest already paid$28,605Through Nov 2026
Assumption only · ends Mar 2051$86,098
Assumption + second · ends Mar 2051, second Dec 2056$525,083
New conventional · ends Dec 2056$667,434