Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $217,640
- Funds due
- $229,117
- Interest + MI left
- $130,704
- First ends
- Apr 2051
Assumption
Assumption + second
$2,904/mo
+$1,247/mo- Down payment
- $47,640
- Funds due
- $60,404
- Interest + MI left
- $409,768
- First ends
- Apr 2051
New loan
New conventional
$3,285/mo
+$1,628/mo- Down payment
- $47,640
- Funds due
- $56,907
- Interest + MI left
- $646,604
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,360 | $256,360 | $426,360 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,200.98 | $1,200.98 | $2,952.03 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $208.65 | $208.65 | $85.27 |
| Taxes, insurance & HOA | $247.33 | $247.33 | $247.33 |
| Total housing payment | $1,656.96 | $2,904.36 | $3,284.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,640
Closing costs & prepaids$12,764
Usable credit−$0
Total buyer cash needed$60,404
Earnest money paid−$0
Remaining funds due$60,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,740.00
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)$242.00
Prepaid interest, first (1 days)$19.24
Prepaid interest, second (1 days)$37.26
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$42,259Through Nov 2026
Assumption only · ends Apr 2051$130,704
Assumption + second · ends Apr 2051, second Dec 2056$409,768
New conventional · ends Dec 2056$646,604