Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,989/mo
Lowest payment- Down payment
- $384,766
- Funds due
- $398,895
- Interest + MI left
- $155,537
- First ends
- Oct 2051
Assumption
Assumption + second
$4,267/mo
+$2,278/mo- Down payment
- $66,766
- Funds due
- $82,753
- Interest + MI left
- $657,686
- First ends
- Oct 2051
New loan
New conventional
$4,605/mo
+$2,616/mo- Down payment
- $66,766
- Funds due
- $79,280
- Interest + MI left
- $874,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,234 | $280,234 | $598,234 |
| Second mortgage | — | $318,000 | — |
| First P&I | $1,331.98 | $1,331.98 | $4,052.65 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | $224.36 | $224.36 | $119.65 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $1,989.01 | $4,267.20 | $4,604.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,766
Closing costs & prepaids$15,987
Usable credit−$0
Total buyer cash needed$82,753
Earnest money paid−$0
Remaining funds due$82,753
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,650.00
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)$798.00
Prepaid interest, first (9 days)$205.91
Prepaid interest, second (9 days)$607.68
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$46,074Through Dec 2026
Assumption only · ends Oct 2051$155,537
Assumption + second · ends Oct 2051, second Jan 2057$657,686
New conventional · ends Jan 2057$874,717