Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,427/mo
Lowest payment- Down payment
- $275,876
- Funds due
- $289,359
- Interest + MI left
- $215,999
- First ends
- Nov 2051
Assumption
Assumption + second
$3,917/mo
+$1,490/mo- Down payment
- $67,876
- Funds due
- $82,653
- Interest + MI left
- $544,448
- First ends
- Nov 2051
New loan
New conventional
$4,567/mo
+$2,140/mo- Down payment
- $67,876
- Funds due
- $78,972
- Interest + MI left
- $920,744
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,124 | $399,124 | $607,124 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,865.81 | $1,865.81 | $4,203.60 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $318.75 | $318.75 | $121.42 |
| Taxes, insurance & HOA | $242.17 | $242.17 | $242.17 |
| Total housing payment | $2,426.73 | $3,916.87 | $4,567.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,876
Closing costs & prepaids$14,777
Usable credit−$0
Total buyer cash needed$82,653
Earnest money paid−$0
Remaining funds due$82,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$226.50
Prepaid interest, first (1 days)$31.38
Prepaid interest, second (1 days)$44.16
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 closing25 yrOf the original 30-year loan at 2.870%
Interest already paid$61,073Through Nov 2026
Assumption only · ends Nov 2051$215,999
Assumption + second · ends Nov 2051, second Dec 2056$544,448
New conventional · ends Dec 2056$920,744