Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,461/mo
Lowest payment- Down payment
- $155,580
- Funds due
- $170,201
- Interest + MI left
- $288,547
- First ends
- Jun 2051
Assumption
Assumption + second
$4,161/mo
+$700/mo- Down payment
- $68,580
- Funds due
- $84,601
- Interest + MI left
- $453,555
- First ends
- Jun 2051
New loan
New conventional
$4,798/mo
+$1,337/mo- Down payment
- $68,580
- Funds due
- $81,264
- Interest + MI left
- $901,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $529,420 | $529,420 | $616,420 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,534.06 | $2,534.06 | $4,175.84 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $427.93 | $427.93 | $123.28 |
| Taxes, insurance & HOA | $498.67 | $498.67 | $498.67 |
| Total housing payment | $3,460.66 | $4,160.68 | $4,797.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,580
Closing costs & prepaids$16,022
Usable credit−$0
Total buyer cash needed$84,601
Earnest money paid−$0
Remaining funds due$84,601
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,850.00
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)$822.00
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$300.54
Prepaid interest, second (7 days)$150.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 2.96%
Interest already paid$92,529Through Dec 2026
Assumption only · ends Jun 2051$288,547
Assumption + second · ends Jun 2051, second Jan 2057$453,555
New conventional · ends Jan 2057$901,308