Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,135/mo
Lowest payment- Down payment
- $323,779
- Funds due
- $343,950
- Interest + MI left
- $489,419
- First ends
- Apr 2052
Assumption
Assumption + second
$6,661/mo
+$1,526/mo- Down payment
- $110,779
- Funds due
- $132,472
- Interest + MI left
- $825,764
- First ends
- Apr 2052
New loan
New conventional
$7,621/mo
+$2,486/mo- Down payment
- $110,779
- Funds due
- $128,779
- Interest + MI left
- $1,446,405
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $776,221 | $776,221 | $989,221 |
| Second mortgage | — | $213,000 | — |
| First P&I | $3,804.05 | $3,804.05 | $6,701.33 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $609.11 | $609.11 | $197.84 |
| Taxes, insurance & HOA | $721.67 | $721.67 | $721.67 |
| Total housing payment | $5,134.83 | $6,660.79 | $7,620.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,779
Closing costs & prepaids$21,693
Usable credit−$0
Total buyer cash needed$132,472
Earnest money paid−$0
Remaining funds due$132,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,320.00
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$431.28
Prepaid interest, second (6 days)$271.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yr 4 moOf the original 30-year loan at 3.38%
Interest already paid$129,328Through Dec 2026
Assumption only · ends Apr 2052$489,419
Assumption + second · ends Apr 2052, second Jan 2057$825,764
New conventional · ends Jan 2057$1,446,405