Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,643/mo
Lowest payment- Down payment
- $235,519
- Funds due
- $247,413
- Interest + MI left
- $116,718
- First ends
- Mar 2051
Assumption
Assumption + second
$3,023/mo
+$1,379/mo- Down payment
- $47,519
- Funds due
- $61,034
- Interest + MI left
- $425,330
- First ends
- Mar 2051
New loan
New conventional
$3,301/mo
+$1,658/mo- Down payment
- $47,519
- Funds due
- $57,731
- Interest + MI left
- $617,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,481 | $234,481 | $422,481 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,096.65 | $1,096.65 | $2,862.03 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $192.02 | $192.02 | $84.50 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $1,643.33 | $3,022.81 | $3,301.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,519
Closing costs & prepaids$13,515
Usable credit−$0
Total buyer cash needed$61,034
Earnest money paid−$0
Remaining funds due$61,034
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Prepaid interest, first (9 days)$154.95
Prepaid interest, second (9 days)$370.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 2.68%
Interest already paid$39,067Through Dec 2026
Assumption only · ends Mar 2051$116,718
Assumption + second · ends Mar 2051, second Jan 2057$425,330
New conventional · ends Jan 2057$617,737