Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,887/mo
Lowest payment- Down payment
- $328,200
- Funds due
- $341,316
- Interest + MI left
- $150,781
- First ends
- Aug 2051
Assumption
Assumption + second
$3,807/mo
+$1,920/mo- Down payment
- $60,200
- Funds due
- $74,623
- Interest + MI left
- $573,975
- First ends
- Aug 2051
New loan
New conventional
$4,218/mo
+$2,331/mo- Down payment
- $60,200
- Funds due
- $71,001
- Interest + MI left
- $818,567
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,750 | $271,750 | $539,750 |
| Second mortgage | — | $268,000 | — |
| First P&I | $1,296.01 | $1,296.01 | $3,737.12 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $218.02 | $218.02 | $107.95 |
| Taxes, insurance & HOA | $373.08 | $373.08 | $373.08 |
| Total housing payment | $1,887.11 | $3,807.10 | $4,218.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,200
Closing costs & prepaids$14,423
Usable credit−$0
Total buyer cash needed$74,623
Earnest money paid−$0
Remaining funds due$74,623
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.50
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)$619.25
Prepaid interest, first (1 days)$22.26
Prepaid interest, second (1 days)$56.90
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 9 moOf the original 30-year loan at 2.990%
Interest already paid$45,606Through Nov 2026
Assumption only · ends Aug 2051$150,781
Assumption + second · ends Aug 2051, second Dec 2056$573,975
New conventional · ends Dec 2056$818,567