Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,230/mo
Lowest payment- Down payment
- $281,999
- Funds due
- $295,507
- Interest + MI left
- $174,407
- First ends
- Aug 2051
Assumption
Assumption + second
$3,814/mo
+$1,583/mo- Down payment
- $60,999
- Funds due
- $76,038
- Interest + MI left
- $523,385
- First ends
- Aug 2051
New loan
New conventional
$4,219/mo
+$1,988/mo- Down payment
- $60,999
- Funds due
- $72,578
- Interest + MI left
- $788,001
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,001 | $318,001 | $539,001 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,515.10 | $1,515.10 | $3,651.38 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $255.86 | $255.86 | $107.80 |
| Taxes, insurance & HOA | $459.34 | $459.34 | $459.34 |
| Total housing payment | $2,230.30 | $3,813.57 | $4,218.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,999
Closing costs & prepaids$15,039
Usable credit−$0
Total buyer cash needed$76,038
Earnest money paid−$0
Remaining funds due$76,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Initial HOA (3 months)$158.01
Prepaid interest, first (6 days)$154.73
Prepaid interest, second (6 days)$281.55
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 closing24 yr 8 moOf the original 30-year loan at 2.96%
Interest already paid$53,755Through Dec 2026
Assumption only · ends Aug 2051$174,407
Assumption + second · ends Aug 2051, second Jan 2057$523,385
New conventional · ends Jan 2057$788,001