Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,768/mo
Lowest payment- Down payment
- $276,680
- Funds due
- $288,989
- Interest + MI left
- $137,650
- First ends
- Apr 2051
Assumption
Assumption + second
$3,352/mo
+$1,583/mo- Down payment
- $55,680
- Funds due
- $69,286
- Interest + MI left
- $486,628
- First ends
- Apr 2051
New loan
New conventional
$3,792/mo
+$2,024/mo- Down payment
- $55,680
- Funds due
- $65,712
- Interest + MI left
- $749,419
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,220 | $273,220 | $494,220 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,274.40 | $1,274.40 | $3,421.88 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $222.56 | $222.56 | $98.84 |
| Taxes, insurance & HOA | $271.42 | $271.42 | $271.42 |
| Total housing payment | $1,768.38 | $3,351.65 | $3,792.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,680
Closing costs & prepaids$13,605
Usable credit−$0
Total buyer cash needed$69,286
Earnest money paid−$0
Remaining funds due$69,286
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$314.25
Prepaid interest, first (1 days)$20.21
Prepaid interest, second (1 days)$46.92
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 2.700%
Interest already paid$44,401Through Nov 2026
Assumption only · ends Apr 2051$137,650
Assumption + second · ends Apr 2051, second Dec 2056$486,628
New conventional · ends Dec 2056$749,419