Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,862/mo
Lowest payment- Down payment
- $204,650
- Funds due
- $218,592
- Interest + MI left
- $237,554
- First ends
- Sep 2051
Assumption
Assumption + second
$3,897/mo
+$1,035/mo- Down payment
- $63,650
- Funds due
- $79,028
- Interest + MI left
- $469,013
- First ends
- Sep 2051
New loan
New conventional
$4,450/mo
+$1,588/mo- Down payment
- $63,650
- Funds due
- $75,618
- Interest + MI left
- $833,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,350 | $429,350 | $570,350 |
| Second mortgage | — | $141,000 | — |
| First P&I | $2,045.39 | $2,045.39 | $3,863.75 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $344.53 | $344.53 | $114.07 |
| Taxes, insurance & HOA | $472.25 | $472.25 | $472.25 |
| Total housing payment | $2,862.17 | $3,896.78 | $4,450.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,650
Closing costs & prepaids$15,377
Usable credit−$0
Total buyer cash needed$79,028
Earnest money paid−$0
Remaining funds due$79,028
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,340.00
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)$760.75
Initial HOA (3 months)$156.00
Prepaid interest, first (6 days)$210.32
Prepaid interest, second (6 days)$185.42
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$71,821Through Dec 2026
Assumption only · ends Sep 2051$237,554
Assumption + second · ends Sep 2051, second Jan 2057$469,013
New conventional · ends Jan 2057$833,946