Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,079/mo
Lowest payment- Down payment
- $340,288
- Funds due
- $351,920
- Interest + MI left
- $78,879
- First ends
- Apr 2051
Assumption
Assumption + second
$3,156/mo
+$2,078/mo- Down payment
- $50,288
- Funds due
- $63,293
- Interest + MI left
- $536,814
- First ends
- Apr 2051
New loan
New conventional
$3,396/mo
+$2,317/mo- Down payment
- $50,288
- Funds due
- $59,775
- Interest + MI left
- $674,347
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,712 | $154,712 | $444,712 |
| Second mortgage | — | $290,000 | — |
| First P&I | $724.79 | $724.79 | $3,079.10 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | $125.92 | $125.92 | $88.94 |
| Taxes, insurance & HOA | $228.17 | $228.17 | $228.17 |
| Total housing payment | $1,078.88 | $3,156.47 | $3,396.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,288
Closing costs & prepaids$13,006
Usable credit−$0
Total buyer cash needed$63,293
Earnest money paid−$0
Remaining funds due$63,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$184.50
Prepaid interest, first (2 days)$23.23
Prepaid interest, second (2 days)$123.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$25,503Through Nov 2026
Assumption only · ends Apr 2051$78,879
Assumption + second · ends Apr 2051, second Dec 2056$536,814
New conventional · ends Dec 2056$674,347