Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,930/mo
Lowest payment- Down payment
- $367,247
- Funds due
- $383,743
- Interest + MI left
- $230,063
- First ends
- Oct 2051
Assumption
Assumption + second
$4,987/mo
+$2,056/mo- Down payment
- $80,247
- Funds due
- $98,420
- Interest + MI left
- $683,260
- First ends
- Oct 2051
New loan
New conventional
$5,563/mo
+$2,633/mo- Down payment
- $80,247
- Funds due
- $94,889
- Interest + MI left
- $1,045,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,753 | $427,753 | $714,753 |
| Second mortgage | — | $287,000 | — |
| First P&I | $2,008.83 | $2,008.83 | $4,841.99 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | $343.18 | $343.18 | $142.95 |
| Taxes, insurance & HOA | $578.42 | $578.42 | $578.42 |
| Total housing payment | $2,930.43 | $4,986.53 | $5,563.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,247
Closing costs & prepaids$18,172
Usable credit−$0
Total buyer cash needed$98,420
Earnest money paid−$0
Remaining funds due$98,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,950.00
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)$954.00
Initial HOA (3 months)$131.25
Prepaid interest, first (7 days)$235.44
Prepaid interest, second (7 days)$426.57
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$67,807Through Dec 2026
Assumption only · ends Oct 2051$230,063
Assumption + second · ends Oct 2051, second Jan 2057$683,260
New conventional · ends Jan 2057$1,045,087