Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,089/mo
Lowest payment- Down payment
- $355,943
- Funds due
- $369,621
- Interest + MI left
- $168,299
- First ends
- Apr 2051
Assumption
Assumption + second
$4,145/mo
+$2,056/mo- Down payment
- $68,943
- Funds due
- $83,932
- Interest + MI left
- $621,496
- First ends
- Apr 2051
New loan
New conventional
$4,680/mo
+$2,591/mo- Down payment
- $68,943
- Funds due
- $80,232
- Interest + MI left
- $940,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,057 | $333,057 | $620,057 |
| Second mortgage | — | $287,000 | — |
| First P&I | $1,555.20 | $1,555.20 | $4,293.15 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | $271.25 | $271.25 | $124.01 |
| Taxes, insurance & HOA | $262.67 | $262.67 | $262.67 |
| Total housing payment | $2,089.11 | $4,145.22 | $4,679.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,943
Closing costs & prepaids$14,989
Usable credit−$0
Total buyer cash needed$83,932
Earnest money paid−$0
Remaining funds due$83,932
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,890.00
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)$288.00
Prepaid interest, first (1 days)$24.73
Prepaid interest, second (1 days)$60.94
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 2.710%
Interest already paid$54,319Through Nov 2026
Assumption only · ends Apr 2051$168,299
Assumption + second · ends Apr 2051, second Dec 2056$621,496
New conventional · ends Dec 2056$940,358